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Tron (TRX), Justin Sun “Proactively” Donates $3 Million To Binance’s Charity

Tron And Justin Sun Donate Millions To Binance’s Charity

In a testament to the strong core values of the cryptocurrency industry, as revealed by Binance’s one-and-only Changpeng “CZ” Zhao, prominent entrepreneur Justin Sun recently approached CZ with a hefty $3 million donation. Alluding to the fact that Justin Sun, the founder of the Tron (TRX) cryptocurrency project, likely issued this donation in goodwill (with no malintent), following this unexpected occurrence, Zhao took to Twitter to write:

Justin proactively approached us and made a very generous donation, $3m USD equivalent. Respect!

It can be assumed that this $3 million, which was likely donated through the Tron Ecosystem’s native digital asset (TRX), will go towards Binance’s recently-launched Blockchain Charity Foundation (BCF). For those who aren’t in the loop, the BCF is a non-profit organization created in a bid to bolster the adoption of blockchain technologies, while aiding those in need simultaneously. As BCF’s mission statement puts it:

Our mission is to lift the Bottom Billion people out of poverty by harnessing blockchain-enabled charitable giving and amplifying philanthropic endeavors by supporting blockchain solutions that unlock new, automated, and transparent pathways for philanthropic endeavors

Seeing that Tron (TRX) is a polarizing topic in some cryptocurrency circles, there were some skeptics that immediately questioned Justin’s donation, asking if there was a catch or any back-door deals. Zhao, widely regarded as a ‘class act’ in the cryptocurrency space, noted that “there was no catch,” adding that Sun likely had no ulterior motives due to the fact that TRX has already been listed on Binance for upwards of a year.

The prominent innovator then wrote:

I hadn’t even talked to him for a while. He messaged me when he saw the news, and that was it.

Speaking to Forbes reporters at Malta’s recent blockchain-centric DELTA Summit, Helen Hai, the recently appointed head of BCF discussed the donation from Tron and Justin Sun, while also explaining how the charity foundation operates. Hai, who is a prominent player in the charity world, noted that blockchain technologies are starting to mobilize governments, NGOs, and the private sector to alter how the charitable giving sector operates.

For one, members of the BCF are reportedly developing a platform that will allow charities to track donations with full transparency and accountability, ensuring that donated assets are used in an optimal manner. She added that the donation from Tron’s Justin Sun will directly aid BCF’s ambition to “achieve” the United Nation’s 17 Sustainable Development Goals, which have been a topic of interest for global philanthropists over the past decade.

Although the cryptocurrency market, which is often called out for its unbridled affection for Lamborghinis, isn’t a likely contender for the most charitable industry, some would argue that this is set to change in the near future (this is dependent on how prices move, of course).

In late-June, Brian Armstrong, CEO of Coinbase, revealed the creation of a non-profit, crypto-centric charity, dubbed GiveCrypto. The charity, interestingly enough, only accepts cryptocurrency donations… zero fiat currencies allowed. Explaining the reasoning behind this move, Armstrong noted that seeing the “enormous wealth creation from cryptocurrency, and the future upside,” it only makes sense to focus this charitable fund on crypto assets.

Title Image Courtesy of Pepi Stojanovski on Unsplash
Nick Chong
About author

Nick has been enamored with cryptocurrencies since foraying into the industry in 2013. He has since gotten involved as a reporter, covering news on a number of blockchain- and crypto-related outlets.
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