On July 9, crypto exchange Binance announced the decision to donate $1 million to the western regions of Japan, where a severe flood took the lives of more than 200 people and caused severe infrastructure damage.
At that time Binance CEO Changpeng Zhao called on cryptocurrency traders, investors and startup owners to join the campaign and make donations to help people who are struggling to survive in disaster-affected Hiroshima and Okayama prefectures.
The company managed to raise about $410,000 in ETH and 30 other types of ERC20 tokens from the cryptocurrency holders in just seven days of the crowdfunding campaign. This amount will be added to the $1 million donated to Binance from its own means.
"$410,000 additional was raised in 60 donations in the last seven days. There are some big hearts out there in crypto! Thank you for your generosity, and effort in making our little Earth a better place," Changpeng Zhao wrote in his Twitter account to shortly after the company published the official press release explaining the money handing-over procedure.
As Binance does not have operations in Japan, the donation will be released to the disaster regions in several rounds via its local partner. In the first stage, the company will convert tokens worth 50 million Japanese Yen to Bitcoin and send them to the partner's Bitcoin address.
After the partner converts the received cryptos to Japanese currency, two officially registered NPOs in Hiroshima and Okayama prefectures actively engaged in providing help will receive 25 million Yen each via bank transfer.
Binance has already discussed the matter with both NPOs’ leaders to make sure that the money received under the first round of donation will be used to stimulate recovery efforts in the flood-hit regions.
Currently, tens of thousands of people are living in permanent stress. Some of them have returned to wrecked houses. Over 5,000 citizens are staying in temporary shelters, and no one knows when they can return home.