Binance, TRON, VeChain Others Form Stablecoin Alliance for Poverty Alleviation, Crypto Adoption
Binance’s blockchain-enabled charity platform has formed an alliance of 47 companies and organizations to empower a million women in developing countries by using a stablecoin to improve their feminine health and wellbeing. The Binance Charity Foundation (BCF) will launch the ‘Pink Care Token’ (PCAT) together with other alliance members to achieve the period poverty alleviation plan.
PCAT is a redemption-only token issued on Binance Chain. It is pegged to one year’s supply of sanitary pads instead of a fiat currency. The first delivery of PCAT and sanitary pads is scheduled for mid-July in Uganda.
Head of the Foundation, Helen Hai, sees this alliance between cryptocurrency and traditional industry as an opportunity for its members to deploy their “strength to shape a brighter future for all human beings, especially the bottom billions”.
“After all, it all comes down to human and values,” she says. “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 token is the first social-impact stablecoin issued on Binance Chain. Binance CEO, CZ, notes that the charity initiative is part of the crypto exchange’s mission to promote the adoption of cryptocurrencies by using it as one of the most effective ways to demonstrate their value and make them available to the people in need.
It is based on the view that blockchain-based philanthropy can offer a new perspective and effective solutions to issues surrounding the social problem including inefficiency and lack of transparency in traditional ways of charitable giving which causes loss of trust and high intermediary costs. Some of the 47 alliance members include TRON, Ripple, AELF, Paxful, Quantstamp, Enjin, QuarkChain, VeChain, Babel Finance and IOST.
TRON’s Justin Sun says about the initiative that being able to help those in need using cryptocurrency could accentuate its importance. For Flex Yang, the CEO of Babel Finance, PCAT is unique in that “it demonstrates the advantages of blockchain technology while improving the living conditions of women”.
In another vein, as the announcement touches on drawing attention to Binance’s growing ecosystem, Cashaa says it has moved its CAS token to Binance chain following a community voting which resulted in 99.2 % support in favour of the swap. According to Ana-Maria Stoica, other reasons to move from ERC-20 to Binance chain included speed and security.
She says via LinkedIn: “The advantages of Binance Chain include its speed, security, ease of use, efficiency, as well as the advantage of us still being one of the first adopters and pioneers to make use of this opportunity. Furthermore, as you know, Binance over the past years had an outstanding, impressive success story and has become one of the most well-known names in the crypto space, which leads to further trust for us as a business to partner with them.”