Binance Teams Up With Industry Leaders Ripple, Tron and VeChain to Launch New Stablecoin for Charity
Binance, the world’s leading cryptocurrency exchange by market cap, is teaming up with industry leaders to aid one million women in underdeveloped countries access better sanitation. Its philanthropic arm, Binance Charity Foundation, has formed an alliance of 47 companies, including Ripple, Tron, VeChain, IOST and Pundi to launch a stablecoin called Pink Care Token (PCAT).
The cryptocurrency is designed to end a lack of hygiene products and facilities, and to improve overall feminine health and wellbeing.
According to the United Nations,
“Menstrual hygiene is still considered a taboo topic in many places throughout the world leaving many women without safe, accessible and hygienic spaces for washing and sanitation. Across the world, it is estimated that 2.5 billion people lack access to improved sanitation and many of them are women.”
Says Binance co-founder and chief executive officer Changpeng Zhao,
“Pink Care Token is the first social-impact stablecoin issued on Binance Chain. A part of our mission is to promote cryptocurrency adoption, and I think charity is one of the most efficient ways to bring cryptocurrency value to more people.”
The redemption-only token will be issued on Binance Chain and is pegged to one year’s supply of sanitary pads instead of a fiat currency. The first batch of Pink Care Tokens and sanitary pads are scheduled for delivery in mid-July in Uganda where some women use cassava leaves as sanitary pads, leading to infections and general uncleanliness.
The token also aims to bring transparency and efficiency to charitable giving in an effort to solve the period poverty problem that often puts young girls in developing regions at risk of dropping out of school.