The Binance Charity Foundation (BCF) has announced a new initiative for improving feminine health.
BCF, which is the philanthropic arm of cryptocurrency exchange Binance, announced an alliance of 47 organizations to make a token geared towards women's health in a blog post on July 3.
46 organizations, including industry players such as Ripple, smart contract security firm Quantstamp, and digital assets venture company Blockseed Ventures, have joined BCF to promote the “Pink Care Token” (PCAT) geared to help improving feminine health in developing countries.
PCAT is a redemption-only token issued on the Binance Chain and pegged to one year’s supply of sanitary pads instead of fiat currency, the post explains. The first delivery of PCAT and sanitary pads will take place in mid-July in Uganda.
Binance claims that a blockchain-based means of distributing charity will address inefficiencies and transparency issues that are purportedly present in traditional means of charitable giving.
Commenting on the initiative, Justin Sun, Founder of Tron, said that “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.” Changpeng Zhao (CZ), CEO and co-founder of Binance, said:“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.”
The PCAT initiative also bolsters BCF’s previously launched “Binance for Children” program in Uganda which is aimed at local education improvements. The initiative will provide a number of new supplies to the country’s schools such as solar panels, sanitary pads, school supplies, LED screens, as well as breakfast and lunch for students.