Binance announced the progress of their donation for the floods and landslides victims in Japan.
Following their donations for Japan relief announcement days ago, Binance gives updates on the progress via their official Medium account. The exchange said that they managed to raise a total of $1,410,000, which consists of Ether and 30 different types of ERC20 tokens.
The amount will be distributed to the victims in several rounds, with the first one converting an amount of crypto worth of JPY 50,000,000 into Bitcoin, before eventually it is converted into Japanese Yen. The conversion will be done by Binance's partner in Japan, since the exchange doesn't have a presence in the country at the moment.
To ensure the safe transfer, Binance will transfer 0.1BTC prior to sending the remaining amount. The round 1 donation will be distributed to the two most affected areas, through two registered non-profit organizations (NPO) the exchange is partnering with.
Earlier this month, torrential rains have caused a series of floods and landslides in western Japan, particularly in Hiroshima and Okayama prefectures. The Japan Times called it "the worst weather disaster in decades", with at least 176 people died, dozens are missing, and millions are evacuating.