Binance collaborates with MYDIN to help vulnerable communities

Binance Charity, the charitable arm of Binance, recently announced a collaboration with Mydin Mohamed Holdings Berhad (MYDIN) to empower underserved rural villages with humanitarian aid.

Binance Charity and MYDIN Prihatin will launch a donation drive to benefit those affected by the COVID-19 pandemic and flood. The donation will be used by MYDIN Prihatin to buy necessities for the less fortunate.

“MYDIN Prihatin ‘Kami Bawa Senyuman‘ (We Bring Smiles)’ is MYDIN’s effort to sustainably help Malaysians lead happier lives through the mobilization of timely and coherent support to the community.” said Datuk Wira (Dr.) Ameer Ali Mydin, Managing Director at MYDIN.

The donation will be made in stablecoin (BUSD) using the fully transparent, blockchain-enabled donation platform of Binance Charity. Stablecoins act as a bridge between cryptocurrencies and fiat money by tying their prices to a reserve asset, in this case, the US dollar.

“Through this collaboration, we hope to help support the local community in coping with this difficult situation. We are very grateful to be part of MYDIN’s initiative and hope to help build sustainable livelihoods and a thriving local economy.” Helen Hai, Executive VP of Binance and Head of Binance Charity said.

The scale of economic challenges we are grappling with, makes us realize we cannot act alone and that collective action is necessary to ensure the help continues to reach the targeted group.” With Binance Charity joining as a valued partner, we hope to reach out to the vulnerable communities even more actively,”

Datuk Wira stated that due to the magnitude of the economic difficulties we face, concerted action is necessary to ensure that aid continues to reach the targeted population.

“With Binance Charity joining as a valued partner, we hope to reach out to the vulnerable communities even more actively,” Datuk Wira added.

Binance Charity is the first platform for transparent donations powered by blockchain. It invests in innovation, research, and the development of blockchain for good and repurposes new technology as philanthropic instruments.