A new charitable program, launched on July 3, has gained broad support from dozens of leading crypto companies. 46 organizations have joined Binance Charity Foundation’s initiative to deliver feminine hygiene products to Uganda. Blockchain networks, crypto VC funds, and layer two projects are among the companies that have committed their support for Pink Care Token (PCAT).
The token itself, a stablecoin issued on Binance Chain, provides a direct means for funds to be sent to Uganda, with the transparency provided by blockchain technology making it possible to track the amount disbursed and to ensure that all funds pledged reached the recipients. Ugandan government ministers will provide support on the ground, ensuring that funds raised from Pink Care Token are used to acquire sanitary products for women in the country. At present, lack of access to feminine hygiene products has left many Ugandan women susceptible to health risks.
Unlike a conventional stablecoin, which is pegged to the value of a fiat currency, typically the US dollar, PCAT is pegged to the cost of a year’s supply of sanitary pads, helping to raise awareness of the problem the project is aiming to solve. “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,” said Helen Hai of Binance Charity Foundation.
Tron founder Justin Sun, meanwhile, spoke warmly of his hopes for the initiative, saying: “There are many ways that cryptocurrency will make the world a better place. Being able to help those in need using cryptocurrency could accentuate the importance of it. Thanks to Binance Charity for giving us the chance to be part of it, let’s make the world a better place.”
If the scheme proves successful, it is likely that future charitable projects emanating from the crypto space will pursue a similar path. The use of a stablecoin eliminates volatility, ensuring that every cent pledge is redeemed in full in Uganda.