Binance’s new Pink Care Token is putting a high-tech twist on the term “period equity.”
Earlier this month the philanthropic arm of the Malta-based exchange, Binance Charity Foundation (BCF), launched a program to give African girls sanitary products to help them stay in school. Helen Hai, head of BCF, told CoinDesk that cryptocurrency donations are bundled into unique tokens, redeemable for menstrual products, then given to the parents and teachers of Ugandan students.
So far, the Pink Care website says donations to the campaign have reached roughly 20 bitcoin (nearly $199,000). Donors include Primitive Ventures co-founder Dovey Wan and Arrington XRP Capital founder Michael Arrington. BCF’s goal is to use blockchain technology to offer a transparent connection between donors and recipients. But discrepancies in the nonprofit’s online records raise questions about the way such campaigns are actually managed.
Binance founder Changpeng Zhao reportedly donated $10 million worth of cryptocurrency to launch the nonprofit foundation in 2018, followed by a $3 million donation from Tron founder Justin Sun. In addition, Binance disclosed in October 2018 that token listing fees would now be donated to the charity. Although several $100,000 donations have since been attributed to projects listed on the exchange, only around 507 bitcoin (under $6 million depending on volatility) was actually deposited in the charity wallet.