It almost goes without saying that the spread of the coronavirus has completely turned the world upside-down. Down to the smallest detail, everyday life has changed considerably; interactions with family members, trips to the shop, and international business trips alike have been disrupted. Many companies and families have suddenly found themselves in a time of need.
However, this sudden and unprecedented global catastrophe has also caused many individuals and organizations alike to rise to the occasion with philanthropic efforts to help their communities. In the fintech world, one of the largest examples of this has come from cryptocurrency exchange Binance.
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Last week, Binance announced the launch of Crypto Against Covid, an initiative that aims to unite the cryptocurrency industry against the spread of the coronavirus.
Earlier this week, Finance Magnates sat down with Jarred Winn, senior vice president of Binance Charity, to talk about the Crypto Against Covid campaign as well as the ethical responsibilities that companies have to the individuals and communities they serve during the coronavirus crisis, as well as other crises of human need that may arise in the future.
”Crypto Against Covid” aims to build a philanthropic bridge between the crypto industry and the rest of the world
Winn explained that “Crypto against Covid is intended to not only drive impact and awareness around what crypto can do, but it’s also intended to show what some of the benevolent capacities of cryptocurrency and the crypto community at large can do,” Winn said.
In short, the Crypto Against Covid is intended to act as a uniting force against the coronavirus outbreak: “it’s the unity of the crypto community against this Covid virus; we hope to unite the crypto community towards a social good, and we hope to band together with crypto companies, crypto investors, and individuals alike.”
On a practical level, the initiative is largely financial: Winn said that so far, Binance’s various entities have donated as much as $4 million to the cause. “We are rallying everybody to donate another million dollars, which [Binance] will match dollar-for-dollar.”
“Furthermore, we’re launching a social media campaign–#CryptoAgainstCovid, in which for anyone who re-Tweets the Tweet [announcing the project], we will donate a dollar towards the campaign,” Winn continued.
Every retweet of ths post with #CryptoAgainstCOVID = $1 USD donation.
#Binance Charity will donate up to $1,000,000 USD!
If we hit 1 million retweets within 7 days, @BinanceBCF will donate an extra $1,000,000 USD!
You can also donate here:https://t.co/D3DgXpVHsM pic.twitter.com/EXpaD69RNk
— Binance (@binance) March 25, 2020
However, “beyond donations, the most powerful impact that any organization can make is its influential reach,” Winn said.
Indeed, it’s important to consider “how much of a social reach does an organization have, and how loyal are its users?”
“Binance has one of the largest communities in crypto–and very passionate users, very passionate members of this community. I feel that that’s really what assists us in driving these campaigns.”
Indeed, “I believe that it’s an asset of an organization to utilize its user base and compel them to take action against these causes. The companies that have the most loyal users are the ones that are going to make the most impact.”
Of course, using influential reach to spread awareness about causes that represent certain ideologies could be considered risky for companies who do not wish to alienate users who might disagree.
However, Winn hearkened back to the words of actor Jim Carrey, who often uses his own platform as a celebrity to speak about the things that he believes in: “he explained that when you have this influential capacity and the ability to drive others toward action, it’s a miss not to utilize that: if you’re not utilizing that for the things that you believe in, and the things that you think could make the better place,” it’s a massive missed opportunity.
“So, influential and social reach–for an organization to use that is imperative in these days.”
This is an excerpt. To hear the rest of Finance Magnates’ fascinating interview with Jarred Winn, Senior Vice President of Charity at Binance, visit us on SoundCloud or YouTube. Special thanks to Jarred and to the Binance team.