Bybit crypto derivatives exchange is the latest cryptocurrency business to commit funds towards combating the ongoing COVID-19 pandemic. The Singapore-based platform plans to commit a portion of the prize pot for its upcoming trading competition to help children affected by the deadly virus.
Since the emergence of the novel coronavirus outbreak, cryptocurrency businesses have been making donations to non-profits on the frontlines of combating the spread of the disease. Businesses with their own charity arms are also partnering with key stakeholders to mobilize relief efforts for communities most affected by COVID-19.
Bybit Pledges $100k to UNICEF to Fight COVID-19
Bybit announced the news of its planned 10 BTC (~$100K) donation to UNICEF via a press release shared with Blockonomi on Tuesday. According to the press statement, the 10 BTC pledge comes from the exchange’s 200 BTC prize pot for the upcoming World Series of Trading (WSOT) competition.
As previously reported by Blockonomi, the first edition of the WSOT commences in August. The event will see crypto derivatives traders from around the world compete in incentivized games aimed at helping users hone their trading strategies.
Bybit’s $100,000 donation to UNICEF aims to provide humanitarian assistance to children in affected communities. In a statement issued by UNICEF New Zealand, the Bybit donation will help to plug a funding gap for relief efforts targeted at the over 1.6B children whose lives have been disrupted by the pandemic.
Commenting on the donation, Bybit CEO Ben Zhou remarked:
“As the COVID-19 pandemic continues to cast its long shadow around the globe, its secondary impact is being felt by vulnerable children, who are the future of our world. Their situation is exacerbated by school closures, inadequate care, and shortages in food, sanitation supply, and medical resources […] Together with our global community of traders, we would like to use this impetus to help lead positive action in the crypto space and give back to our very own home planet. With this in mind, we are pledging 5% of WSOT’s final prize pool to UNICEF to assist in their work to save children’s lives, defend their rights, and to help them fulfill their potential.”
For Vivien Maidaborn, executive director at UNICEF New Zealand, the donation from Bybit will go some way in helping children affected by the pandemic, adding: “We thank Bybit and traders for their generous Bitcoin donations during this unprecedented global emergency.”
Crypto CSR Alive Amid Coronavirus Pandemic
While the coronavirus outbreak has seen some crypto companies forced to scale down their operations, many have committed funds in donations to charity organizations in the fight against the spread of the virus. Back in March, industry giants like Binance and Ripple led a swath of firms organizing fundraisers for COVID-19 relief efforts usually under the aegis of their respective charity arms.
In June in, The Giving Block, a firm that helps non-profits process cryptocurrency donations revealed that it raised more than $1M in Bitcoin (BTC) and other crypto donations in partnership with 50 fintech companies. Indeed, industry participants were among the first to begin support for people affected by the virus during the early days of the pandemic.
Huobi Charity partnered with UN-backed non-profits to support communities in Southeast Asia and Africa back in May. Paxful, a P2P trading firm has also been helping to fight the spread of the virus in Africa.