The unit of cryptocurrency exchange Binance that undertakes charity programs, Binance Charity Foundation, launched an impact token in partnership with the international philanthropic organization, Mercy Corps. This is an innovative initiative in the way beneficiaries make charity.
Binance Charity and Mercy Corps collaborated to design and issue one of its kind Impact Token named “Humanity First Token” (BHFT); these tokens are being issued on Binance Chain. These will be used to rehabilitate and give the refugees who ran away from South Sudan to Uganda for a better living condition until concrete steps that are taken for their well-being. Value of this impact token is attached to the fiat currency of Uganda, Uganda Shilling; in addition, it is also supported by the bitcoin reserve that was given in charity to Binance Charity by crypto project TRON. The Ugandan exchange of Binance takes a guarantee of redeeming BHFT into Ugandan Shillings.
BHFT is like a magic wand in the hands of these homeless people who left behind everything while leaving their home and country too. With these tokens, which are issued without any identity proof as is needed to open a bank account, they can buy essential items like food, solar panel and other necessary commodities from local vendors. The vendors can then convert these cryptocurrencies into fiat money at Binance Uganda exchange. During this scheme, Humanity First Tokens will be directly deposited into the Trust Wallet account of the beneficiaries that are the refugees.
The refugees are in a dark about their future and do not know where they will be the very next day, could be in another refugee camp or if lucky in their home country. In such a situation they can neither be moving around with their bank accounts nor with cash in hand, this is where these virtual currencies come handy. The digital currencies are completely borderless and can be accessed through their digital accounts from anywhere in the world.
Binance Charity in its initiative to utilize the blockchain to make a positive impact on society that has started a series of tokens. The first in this series was the Pink Care Token (PCAT), and next is Humanity First Token. In July 2019, PCAT was launched with an aim to provide ‘reusable sanitary pads’ to women under poverty around the world.