The new initiative of the Binance Charity Foundation is aimed at improving feminine health in developing countries. The alliance of 47 companies will cooperate to introduce Pink Care Token.
The Binance Charity Foundation (BCF), the official philanthropic arm of the global cryptocurrency exchange Binance, has announced the launch of a new initiative aimed at the support of women in need. According to the information presented, the strategic alliance of 47 companies and organizations will cooperate as founding partners to introduce ‘Pink Care Token’ (PCAT).
Among the firms that joined Binance Charity Foundation to improve the situation with feminine health in the third-world countries, there’re Ripple, Blockseed Ventures and smart contract security company Quantstamp.
Explaining the benefits of their initiative Changpeng Zhao (CZ), CEO and co-founder of Binance, stated:
“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.”
Pink Care Token
The Pink Care Token is a redemption-only token. Though the majority of stablecoins are pegged to a fiat currency, this token will be pegged to one year’s supply of sanitary pads. Thanks to this innovative value-stable token, it will become possible to mitigate period poverty in the developing countries as well as to introduce the original value of money within the crypto world. Just like the traditional crypto, the PCAT will help to ensure 100% transparency and minimal transaction costs and to exclude a risk of corruption.
It is known that the period poverty campaign will reach at least 1 million women in developing countries. According to the company’s plans, the first delivery of Pink Care Token and sanitary pads will take place in mid-July in Uganda.
In general, Binance believes that blockchain is able to revolutionize the sphere of charity as it can bring higher efficiency and transparency to this sphere as well as to address a number of other issues currently associated with traditional means of charitable giving.
The new initiative will also support the company’s existing project in Uganda known as Binance for Children. The initiative is aimed at helping school kids to get access to food, scholastic materials, and electricity.
Cere Network Funded by Binance Labs
Let us also mention another announcement made by another arm of Binance. Binance Labs has taken a decision to provide Cere Network with strategic funding.
Cere Network represents itself a blockchain-powered customer relationship management (CRM) system. To store customer data, it uses a decentralized system integrated with blockchain. For getting access to this data, vendors and businesses need to get permissioned proxy keys from Cere.
This way of sharing data, according to Cere, will ensure a higher level of security. Cere is also going to issue an incentive token (CERE). It will be used not only to pay for network services but also to motivate people to run blockchain nodes.
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