Binance, one of the world’s largest cryptocurrency exchanges, once again hit the crypto headline today as its Binance Charity with its Blockchain Charity Foundation (BCF) announced the partnership with the United Nations for social good via blockchain at the 73rd UN General Assembly held in New York.

The goal of the partnership is to support blockchain-based projects for poverty eradication and other pressing issues. The BCF will donate $1 million to the United Nations Development Program (UNDP) to help fund this endeavor.

With UNDP’s support, BCF will be committed to identifying opportunities where blockchain technology can be used to create innovative solutions, particularly for the development of the Asia-Pacific region.

Thanks to a decentralized platform, every donation can be monitored at every stage of the project; from the donors to the final beneficiaries, the whole process will be transparent.

The Blockchain Charity Foundation (BCF) is a non-profit organization created by Binance and the Maltese President’s Trust earlier this year. It works for the United Nations Agenda 2030 with the aim of reaching the Sustainable Development Goals (SDG) by using the blockchain technology to empower vulnerable communities and enhance transparency in charitable work.

Helen Hai, Head of the Blockchain Charity Foundation, said:

“We firmly believe that blockchain technology will bring transformative solutions to social problems, and help bridge the UN Sustainable Development Goals funding gap in fast and innovative ways. Working with UNDP, our aim is to eradicate poverty and empower and bring prosperity to millions who are marginalized and living in poverty.“

A wonderful moment at #UNGA in NYC, @BinanceBCF & @UNDP established a new partnership on how to utilizing #blockchain technology to achieve #SDGs , witnessed by @presidentMT & @WPLGlobalForum . Also welcome @mercycorps_uk & FCSSC joint BCF's Senior Advisory Board. pic.twitter.com/WrMf4Pq5mH

— Blockchain Charity Foundation (@BinanceBCF) September 24, 2018

Haoliang Xu, Assistant Secretary General of the United Nations and Director of the Regional Office for Asia and the Pacific at UNDP, responded,

“We believe that blockchain is a technology that can have a huge impact in the developing world in numerous ways.”