Huobi, following in the footsteps of Binance, is joining the effort to fight the Chinese Coronavirus. To do this, the exchange is donating funds via Huobi Charity that will go to victims of the Coronavirus in China’s Hubei province. The virus emerged in China and has thus far affected over 6000 people in China. It has led to the loss of over 2000 lives and many other people have been infected outside China.
Huobi plans to match the $1.5 million donation made by Binance. The exchange tweeted on January 27 that they were sending love and support to all the affected people. They then announced they had set up Huobi Charity and a $1.5 million fund. The money will be used to purchase medical equipment for those working in the affected region to control the virus’s spread. The exchange revealed that it had already sent 20,000 N95 masks to hospitals in the Hubei province of China.
Philanthropy in the Crypto Sector
Large firms in the crypto sector have collaborated on various humanitarian efforts in the past. This has been in support of major issues such as the Australian bush-fires or the emerging Coronavirus in China. The first exchange to announce action on Coronavirus was Binance. It earlier announced that it was donating $1.5 million to victims of the Coronavirus. The exchange also donated $1 million to victims of the Australian bush-fires, which killed over 500,000 wild animals and displaced thousands of people.
Justin Sun pledged to give $1 million to Greta Thunberg, the climate change activist. However, not everyone is convinced. Some in the crypto community think Sun is merely performing a publicity stunt. However, no matter the reasons why exchanges and crypto bigwigs are making donations, the fact remains that these funds go to a good cause.
Such actions help to put the crypto industry in a good light. It helps to reshape the narrative around crypto, which has traditionally been viewed as a favorite of hackers. With time, this could help authorities to soften their stand when it comes to crypto.