Binance Charity Foundation, the philanthropic arm of the Binance cryptocurrency exchange platform, has announced a stablecoin to combat period poverty in developing countries—the Pink Care Token (PCAT).
“Pink Care Token is the first social-impact stablecoin issued on Binance Chain. A part of our mission is to promote the adoption of cryptocurrencies, and I think charity is one of the most effective ways to demonstrate their value and make them available to the people in need,” Changpeng Zhao, CEO and co-founder of Binance, said in a press release.
Currently, 46 organisations have joined the Binance Charity Foundation in an alliance to promote the token to support and improve feminine health issues, with the goal of empowering one million women in the process. While most of these organisations are major players in the blockchain space, such as Ripple, TRON and Blockseed Ventures, some are from the public sector and various other industries.
“There are many ways that cryptocurrency will make the world a better place,” said Justin Sun, founder of TRON, one of the companies in the alliance. “Being able to help those in need using cryptocurrency could accentuate the importance of it, and I would like to thank Binance Charity for giving us the chance to be a part of it. Let’s make the world a better place.”
Through this unique token, members of the alliance hope to bring the original value of money to the crypto space, allowing the token to combat period poverty with “100% transparency, zero corruption and minimal transaction costs.” This stablecoin is a redemption-only token issued on the Binance Chain; it is linked to a year’s supply of sanitary pads instead of a fiat currency, such as the US dollar, euro or British pound.
To execute the programme, alliance members or individual people or entities first donate to the platform, which is then used to issue an equivalent number of Pink Care Tokens on the Binance Chain. Then, young Ugandan women can redeem each token for a year’s supply of feminine care products from the Binance Charity Foundation’s local suppliers. For the duration of the initiative, suppliers can convert the tokens to Ugandan shillings at the Binance Uganda Exchange.
The first delivery of Pink Care Tokens and sanitary pads will take place in mid-July in Uganda.
“By forming the first alliance between cryptocurrency and traditional industry, we aim to deploy the alliance’s strength to shape a brighter future for all human beings, especially the bottom billions,” explained Helen Hai, head of Binance Charity Foundation. “After all, it all comes down to human and values. We hope the Pink Care Token Alliance will combine technology with the best parts of human nature – creativity, empathy, and stewardship, which lift humanity into a shared sense of dignity.”
This is not the foundation’s first initiative with the Ugandan people. The Binance for Children programme currently helps schoolchildren get access to food, school supplies and solar energy panels for off-grid schools.