ByBit Exchange Donates $100K To UNICEF To Fight COVID-19

The Singapore-based ByBit Exchange just donated $100,000 from its WSOT prize fund to UNICEF for Covid-19 relief as we are about to read more in the upcoming blockchain news today.

The ByBit exchange is the latest crypto platform to commit funds towards fighting against the ongoing Covid-19 pandemic. The Singapore-based platform will donate $100,000 from its WSOT prize pot of its upcoming trading competition to help children affected by the virus. Since the virus outbreak, crypto businesses have been making huge donations to organizations that combat the spread of the disease. Businesses with their own charity branches started making partnerships with key stakeholders to mobile relief efforts from communities that were most affected the pandemic.

ByBit announced the $100,000 donation to UNICEF via a press release and according to the statement, the top 10 BTC pledge comes from the exchanges’ 200 BTC prize pot for the upcoming World Series of Trading competition. The first edition of the WSOT commences in August and the event will also see crypto derivatives traders from all across the world, competing in games aimed to help users show off their trading strategies.
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— WSOT by Bybit (@WSOT_) July 30, 2020

ByBit’s donation to UNICEF aims to provide humanitarian assistance to children in affected communities and will help to plug the funding gap for coronavirus relief efforts targeted at more than 1 billion children whose lives were heavily disrupted by the pandemic. ByBit CEO Ben Zhou commented:

 “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.”

While the outbreak has seen some companies having to shut down operations, many committed their funds in charity organizations in order to fight the negative effects of the pandemic. Many industry giants such as Ripple and Binance led fundraisers for Covid-19 relief efforts under their own charity arms.