Binance Donates $1 Million to Flood Victims in Japan, Calls on Crypto Community’s Support

Francisco Memoria
  • Leading cryptocurrency exchange Binance is set to donate $1 million worth of cryptocurrency or the Japanese Yen to flood victims in Japan.
  • The disaster left 38 people dead and saw almost 50 others go missing.

Leading cryptocurrency exchange Binance is set to donate $1 million to flood victims in Japan, after the country was hit by “record-breaking rain” that left 38 people dead and saw almost 50 others go missing.

According to a recent blog post, Binance is going to donate the equivalent of $1 million in Bitcoin (BTC), Binance Coin (BNB), or Japanese Yen (JPY). The company’s CEO Changpeng Zhao posted about the situation on Twitter to his over 197,000 followers.

Record downpours, according to the Independent, have been battering the southwest of the country since Thursday, leading to a series of floods and landslides affecting various regions. The government has already deployed 48,000 rescue workers to look for injured or trapped people.  Over 500 homes are said to have been damaged.

The disaster also saw Binance call on the cryptocurrency community’s support to raise funds along with them. The blog post noted that users can either donate anonymously or add their name to the donation. The CEO added:

To make a donation through Binance, 1 (optional, skip to be anonymous) email us at [email protected] 2. send ETH or ERC20 to 0xA73d9021f67931563fDfe3E8f66261086319a1FC. All outgoing tx from this address will be explained by Binance and used for charity purposes only.

Changpeng Zhao

Zhao revealed Binance is working on the exact logistics with local authorities to figure out how to help the victims. To get more donations, he added that projects who donate to the cause will get “bonus points for future listing requests,” with the donated amount counting towards future listing fees.

The amount raised may notably be high, as Japan’s cryptocurrency scene has been developing in the last few months. As CryptoGlobe covered, cryptocurrency miners are moving to the country’s rural areas to take advantage of cheap electricity and government subsidies.

The country recently  saw e-commerce firm DMM.com set up a large mining operation in the central city of Kanazawa, and internet giant GMO launch an upgraded 7nm Bitcoin Miner called B3, with a total hash power of 33 TH/s.

Libra Association Moves Forward Despite Loss of Seven Important Member Organizations

Siamak Masnavi

On Monday (October 14), the Libra Association held an important meeting in Geneva, Switzerland in order to establish a formal governance structure. This article presents the highlights of this meeting. 

On June 18, when Facebook first officially introduced Libra, we were told that the Libra Association is an independent not-for-profit membership organization headquartered in Geneva, Switzerland and that there were 28 founding members ("a group of diverse organizations from around the world").

However, ever since then, there has been heavy regulatory pressure on Facebook and the Libra Association, especially in Unites States, where Congress has been highly reluctant to trust Facebook with something as important as a new global digital currency.

This has resulted in seven of the initial 28 member organizations dropping out of the Facebook-led project over the past two weeks. As CryptoGlobe reported yesterday, the first founding member to quit was PayPal on October 4. Then, five more—Visa, Mastercard, eBay, Stripe, and Mercado Pago—defected a week later. And then yesterday, we found out that Booking Holdings, the leader in online travel (owner and operator of some of the world's top travel websites, including Booking.com, Priceline.com, and Kayak.com), had became the seventh company to withdraw from the Libra Association.

Well, yesterday, the Libra Association did something to show the world that it might be down but not out. 

According to the Libra Association's press release, during a meeting in Geneva, Switzerland, the remaining members of the Libra Association, one of which is Calibra (the subsidiary of Facebook that is building a wallet for Libra), "formally signed onto the Libra Association charter, formalized the Libra Association council, elected the Board of Directors, and appointed members of the Libra Association executive team."

These 21 organizations are the initial members of the Libra Council, which has the responsibility of governing the Libra Association.

The Libra Council has appointed a board of directors, the members of which are:

  • Matthew Davie (Kiva Microfunds);
  • Patrick Ellis (PayU);
  • Katie Haun (Andreessen Horowitz);
  • David Marcus (Calibra, Inc.); and
  • Wences Casares (Xapo Holdings Limited)

The board of directors then agreed on the initial staff for the Association:

  • Chief Operating Officer and (interim) Managing Director: Bertrand Perez
  • Head of Policy and Communications: Dante Disparte
  • Head of Business Development: Kurt Hemecker

The Libra Association says that over 1500 "entities" have expressed their interest in joining the Libra project, around 180 of which meet the "preliminary membership criteria".

Following yesterday's meeting, David Marcus, a co-creator of Libra and the Head of the Calibra project, had this to say on Twitter:

 

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