Binance Charity forms alliance to unveil stablecoin for alleviation of period poverty

3rd July 2019 – Binance Charity Foundation (BCF), the blockchain-enabled charity platform and official philanthropic arm of the global cryptocurrency exchange Binance, today announced the first strategic alliance of 47 companies and organisations as founding partners to introduce Pink Care Token (PCAT). In the frame of the period poverty campaign, the alliance aims to empower one million women in developing countries to improve feminine health and wellbeing. The first delivery of Pink Care Token and sanitary pads is scheduled for mid-July in Uganda.

“Pink Care Token is the first social-impact stablecoin issued on Binance Chain. A part of our mission is to promote the adoption of cryptocurrencies, and I think charity is one of the most effective ways to demonstrate their value and make them available to the people in need,” says Changpeng Zhao (CZ) – CEO and Co-founder, Binance.

The Pink Care Token is a redemption-only token issued on Binance Chain that is pegged to one year’s supply of sanitary pads instead of a fiat currency. By introducing this innovative value-stable token, the alliance members hope to bring the original value of money to the crypto space. and the token will alleviate period poverty with 100% transparency, zero corruption, and minimal transaction costs.

“By forming the first alliance between cryptocurrency and traditional industry, we aim to deploy the alliance’s strength to shape a brighter future for all human beings, especially the bottom billions,” says Helen Hai – Head of Binance Charity Foundation. “After all, it all comes down to human and values. We hope the Pink Care Token alliance will combine technology with the best parts of human nature – creativity, empathy, and stewardship, which lift humanity into a shared sense of dignity.”

The initiative reinforces Binance Charity’s existing work in Uganda where it started the “Binance for Children” initiative to help school kids get access to food via its Lunch for Children programme, as well as scholastic materials, and electricity from its solar charity initiative. Its colleagues have been working on the ground since February to structure this new initiative identified the pressing needs among the girls. Many young women in Uganda cannot afford sanitary pads, but use cassava leaves during their periods, leading to infections, general uncleanliness, and many other serious issues related to their life.

While many foundations, NGOs and corporations have worked on this social problem over the years, there is tremendous inefficiency and lack of transparency in traditional ways of charitable giving that causes loss of trust and high intermediary costs. Blockchain-based philanthropy can therefore offer a new perspective and effective solutions to these issues.

Binance Charity Foundation and the members of this strategic alliance, will sponsor feminine hygiene products in form of PCAT for young women in the developing world who are not able to afford it. Binance Uganda Exchange will provide the redemption service for the Pink Care Token, and people can redeem the token for the local currency.

Justin Sun, Founder of Tron also expresses his wishes regarding this initiative: “There are many ways that cryptocurrency will make the world a better place. Being able to help those in need using cryptocurrency could accentuate the importance of it, and I would like to thank Binance Charity for giving us the chance to be a part of it, Let’s make the world a better place.”

“I am thrilled to be part of this initiative. As a financial services provider devoted to enabling the free flow of cryptocurrencies across the world, Babel Finance firmly believes that cryptocurrency will make the world a better place. Pink Care Token is unique in that it demonstrates the advantages of blockchain technology while improving the living conditions of women. We hope this kind of innovative charitable giving can spread globally and benefit billions of people,” says Flex Yang, Founder and CEO of Babel Finance.

How can I be a part of the Pink Care Token initiative? 

So far, 47 entities and companies from the crypto sector  and mainstream industry have joined this alliance. Please play your part at: https://www.binance.charity/period-poverty

For alliance inquiries, please contact: bcf@binance.charity

47 Pink Care Token alliance members: 

Binance, TRON, BabelFinance, Ripple, Alice, Arrington XRP Capital, Bloq, AELF, EMURGO, Blockseed Ventures, Contentos, Mithril, Machi X, Primitive Ventures, Earth Protocol, Paxful, IoTeX, Sora Ventures, Tally Capital, Pundi X, Matic Network, Harmony, BLOC Platform, Quantstamp, Celer, StormX, GXChain, Orichal, Enjin, QuarkChain, Ultrain, Zcoin, IOST, CryptoSavannah, Period.org, Fetch.AI, KIZUNA, CertiK, V Systems, AID:Tech, Fintech4Good, Nebulas, VeChain, 8 Decimal Capital, DENT, Blockshine Technology, Binance Charity.