Home » BitMEX Joins COVID-19 Relief Efforts with Dedicated $2.5M Fund
Business News

BitMEX Joins COVID-19 Relief Efforts with Dedicated $2.5M Fund

Seychelles-registered crypto derivatives exchange BitMEX has become the latest industry actor to join philanthropic efforts to fight the COVID-19 global health crisis.

On April 20, the exchange’s operator, HDR Global Trading, launched a dedicated COVID-19 Response Fund and announced its contribution of a total $2.5 million in grants to four recipients.

The company contends that as a fintech, the best way for it to contribute to global efforts is through “strategically directed funds [that] can fill gaps in the global response and rapidly empower well-equipped but under-resourced organizations.” 

Following a consultation with a philanthropic advisory group, HDR Global Trading has chosen to donate to the two Gates Philanthropy Partners COVID-19 Funds, the Biosecurity program at the Nuclear Threat Initiative, OpenMined, and Our World in Data.

Between them, these organizations focus on policy analysis and capacity-building projects to reduce biological risks, vaccine, diagnostics and treatment development, data research and open-source support for data privacy techniques.

HDR Global Trading has underscored that all contributions made via COVID-19 Response Fund are independent from the personal philanthropic initiatives of its co-founder Ben Delo, a signatory of the Giving Pledge.

Industry responses to the global crisis

As reported, the Stellar Development Foundation committed up to 2.5 million Lumens earlier this month to non-profits working on crisis relief during the pandemic.

Several crypto firms have also re-assigned the computing power they normally use for digital currency transaction processing to a distributed computing project, Folding@Home, which is working on COVID-19 research.

Meanwhile, Binance has launched a drive to raise $5 million in cryptocurrencies to purchase medical supplies for the countries hardest hit by the pandemic, following on from its own purchase of $1.4 million in medical supplies for Wuhan in January.

Credit: Source link

Spread the love

Related posts

Canadian Weatherman Frankie MacDonald Is Bullish on Bitcoin


Pomp launches new venture fund, says ‘You’ll never regret betting on yourself’


Peter Brandt says he’s not picking crypto right now, in terms of opportunity


Leave a Comment