Here’s What the Crypto Community is Doing to Help Fight COVID-19
The current coronavirus pandemic has rallied up the crypto community, with companies racing to donate, waive fees, and make charitable donations easier during the crisis. With more than 450,000 confirmed cases and more than 20,000 dead from the coronavirus, the world needs all the help it can get to fight COVID-19.
Companies and individuals looking to help those affected by the ongoing COVID-19 pandemic can now raise money with ease thanks to the latest updates from companies such as BABB.
The Bank Account Based Blockchain (BABB) platform, created to facilitate easier cross-border payments, has announced that it will be waiving fees for fundraisers focused on supporting those most affected by COVID-19.
People can now use BABB to fundraise directly from their mobile phones and receive donations from users’ mobile phones as well. In order to qualify for the fee waiver, the fundraisers must specifically support causes related to COVID-19 and its campaigners must have proof of authorization.
“We are very happy that we can release at the very time that this service is needed the most across the world,” Joy Braun, the chief strategy officer and deputy CEO of BABB said. “This is exactly what we have built the technology for—to help move funds around seamlessly, and where it is most needed.”
BABB isn’t alone in its efforts to help fight the ongoing pandemic—other companies in the crypto industry have stepped up as well. The Giving Block, a cryptocurrency donations platform, has partnered with ConsenSys-back Gitcoin to launch the #cryptoCOVID19 alliance.
Brave browser, Gemini crypto exchange, TaxBit, Axiom Finance, Electric Coin Company, Celsius, Blockchair, and CoinTracking are just some of the companies that have joined the effort, which called on the industry to donate ETH and DAI. Gitcoin has kicked off the campaign with a $100,000 match for donations, but more matches and partners will be announced soon.
The crypto gaming world has also responded to the crisis, with popular game My Crypto Heroes starting a COVID-19 Charity Raid Event to raise money. The company donated the JPY equivalent to the amount of GUM coins spent on buying equipment during the game.
Gitcoin also launched a solo effort, saying that it will give $250,000 to projects growing the Ethereum community, with $100,000 set for crypto projects addressing public health issues caused by COVID-19.
Binance, one of the largest cryptocurrency exchanges in the world, has announced what could be one of the biggest donations in the crypto industry. According to Binance Charity, the company’s philanthropy-focused arm, a $5 million Coronavirus Relief Campaign has been launched. Binance will be leading the effort with an initial donation of $1 million, the company said in a blog post, explaining that it will commit to donating up to $2 million through the ongoing #CryptoAgainstCOVID social media campaign.
It’s also worth noting that Binance reacted swiftly to the coronavirus outbreak in Wuhan, China, donating more than $1.4 million worth of medical supplies in January.
The crypto community is also looking for ways to help fight the ongoing pandemic with more than just money. The Cardano Foundation, the non-profit entity tasked with running the Cardano blockchain, has called on its community to participate in the Folding@home campaign by donating the GPU of their personal computers to COVID-19 research.
Germany has also seen an increase in crypto-powered responses to COVID-19, with the IOTA community developing a tracking app. The TrackCovidCluster app stores personal data anonymously on the IOTA Tangle and sends risk warnings to potentially infected people.
Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He built his first digital marketing startup as a teenager and worked with multiple Fortune 500 companies. He's an alumni from mass-transit app Ola and holds a degree in computer science engineering.
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