Malta has signed an agreement with crypto exchange Binance to use blockchain technology in charitable work.
Binance, through its Blockchain Charity Foundation, has joined forces with Malta to promote blockchain adoption in charity, the Maltese government announced on its website on Wednesday.
The President’s Trust and the charity foundation of one of the world’s leading cryptocurrency exchanges have signed a Memorandum of Understanding (MoU), which will see the development of humanitarian projects in Malta, with a specific focus on children and youth. As a core purpose, they will seek to handle social challenges faced by vulnerable communities.
What is the function of blockchain in this context? Malta’s president Marie-Louise Coleiro Preca put an emphasis on the transparency and efficiency that the technology offers.
Sara Borda Bodin, head of the Trust, expressed her confidence that blockchain can correct the lack of control related to traditional methods in charitable work. To paraphrase, decentralized ledger technology (DLT) is said to be able to ensure that the money meant for charity does not head in murky directions.
It appears Malta will be a fruitful land for blockchain projects, including such in the charity sector, especially after the parliament passed three blockchain and cryptocurrency bills on June 26.
As a result of the signing of the MoU, Malta’s president will join as chairwoman the senior advisory board of the Blockchain Charity Foundation, led by Helen Hai.
Those who follow closely Binance’s latest moves, have no reason to deem the Maltese charity agreement illogical. In June, the exchange’s founder Changpeng Zhao announced plans to set up an office in Malta for the digital asset trading platform, which was originally based in China but had to move to Hong Kong due to the Chinese crypto ban. Moreover, Binance entered a partnership with the Malta Stock Exchange (MSX) to launch a fintech startup accelerator. Two weeks ago, the crypto exchange decided to back Founders Bank, a Malta-based blockchain-friendly bank project.
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