Changpeng “CZ” Zhao, co-founder of Binance, one of the world’s biggest cryptocurrency exchange platforms, has pledged a generous donation to earthquake-stricken Thailand and Myanmar. In response to the devastating 7.7 magnitude earthquake that hit these countries, causing severe damage and loss of life, Zhao committed to offering 500 BNB tokens to each of these nations.
Unfortunately, the earthquake has already resulted in a tragic loss of life in both countries, with the death toll currently standing at 144 people, according to The Guardian. However, this figure is expected to rise as rescue efforts continue. Widespread flooding and trapped inhabitants under collapsed infrastructures have made the situation even more dire.
In a gesture aimed at aiding the ongoing rescue efforts, Zhao announced on March 28th how he plans to distribute the funds. If no third-party onchain donation platform can be found, he intends to use Binance and Binance Thailand as conduits for the relief funds. His commitment showcases how digital assets can be mobilized swiftly and efficiently in times of crises due to their low transaction costs and quick settlement periods.
Previous successful crypto disaster relief fundraisers include a campaign initiated by The Giving Block after a 7.8 magnitude earthquake rocked Turkey and Syria and persisted to raise over a million dollars for California wildfire relief. As cryptocurrency continues to demonstrate its potential as a tool for social good, Zhao’s timely intervention echoes this sentiment, providing much-needed aid in times of natural disasters.
Therefore, Zhao’s commitment encourages other figures in the global cryptocurrency sector to leverage their resources, reaffirming the potential of digital assets in contributing to disaster recovery and humanitarian efforts. This gesture is a shining example of how the new age of finance can significantly impact our world in ways beyond the blockchain.