The Binance Charity Foundation has announced that it will create a stablecoin which will aid one million women to gain access to free sanitary products.
46 companies and organizations have united to develop a “social-impact stablecoin” to give women access to period products. People will be able to donate money to the Pink Care Token (PCAT) when it goes live, and women will be able to exchange them for sanitary products.
Among the organizations that support the project are Alice, a social funding platform built on Ethereum, Paxful, Ripple, and Tron.
“After the women receive the token, they will use the token to redeem their sanitary pads at the supplier,” detailed Athena Yu, executive director of the Binance Charity. “The supplier will come to the school to distribute the sanitary pads to each girl.”-she continued.
The Pink Token will be first launched in Uganda, with the system scheduled to be implemented later this month.
From health and research organization, PSI, it was reported that 2.5 million women worldwide are not able to buy sanitary products for their menstruation. Global Citizen, an advocacy group, states that “women and young girls who menstruate are ostracized from basic activities, like eating certain foods, or socializing, all over the world. The cultural shame attached to menstruation and a shortage of resources stop women from going to school and working every day.”
The project has raised so far 12.7 ($140,000) worth of bitcoin. The tokens will be issued on the Binance Chain.
Binance cites that token creation is better than just directly donating, as the products will go to the people who need them. There are many issues regarding charities, as funds are regularly misappropriated by corrupt and selfish people.
“For women living in cities using sanitary pads during a period was routine for every girl,” declared He Yi, Binance Cofounder. “However, for many African girls, there is a stigma around periods, while sanitary pads are a luxury.”
The charity looking into other countries with the same problem and where crypto donations are accepted to launch the projects there as well.