Binances Changpeng Zhao Donates 1,000 BNB to Myanmar and Thailand For Earthquake Relief
In the wake of the earthquake that affected Thailand and Myanmar, Changpeng Zhao, known as CZ, has donated 1000 BNB to be distributed for disaster relief efforts, split evenly between the two countries. The earthquake had a magnitude of 7.7. Zhao plans on using Binance Thailand to distribute the funds but may consider other third parties to get the job done. Changpeng Zhao is the co-founder of the major crypto exchange, Binance.
On March 28, at approximately 1:20 pm local time, the earthquake struck, with the strike zone being just 10 miles from Mandalay, a major city in Myanmar. The death rate is expected to rise, with injuries already numbering over 1000 at this early time. Min Aung Hlaing, Myanmars junta chief, asked for help from anyone who could give it to aid in the recovery effort.
Zhao reasoned that he would distribute the funds using Binance platforms if he could not find a decent on-chain donation platform. The earthquake caused widespread devastation, including floods and serious damage to infrastructure.
Binance staff will oversee the distribution of funds so that the money is utilised well. Zhao has become more involved with charitable donations, positively contributing to peoples lives and showing how crypto can be used for practical applications. Corporate Social Responsibility (CSR) also applies to crypto businesses, but with the added benefit of the blockchain industry. This should not be a surprise because crypto is a new form of money. Further, acting responsibly instills trust with customers and business partners, demonstrating why others can trust your company.
Countries such as China, India, America, Singapore, and Malaysia have already stepped in to provide support. Further, organisations like the Singapore Red Cross have started giving relief efforts. International organisations must collaborate during a natural disaster so that their efforts are utilised to the best of their abilities.
Zhaos lightning-fast response, donating 1,000 BNB to Myanmar and Thailand, establishes Binance as a key driver of relief efforts regarding major disasters. Zhaos interest in philanthropic activities shows that the Binance exchange is interested in global events and has a vision of running its business well. A breakout in price may occur at the $620 level, while a drop may occur if the price breaks the $610 level. A price rising above $640 may indicate a serious pump in price and further long-term highs.
Text source: ZyCrypto
