Hope for Haiti CEO on Binance Charity: 'Our entire organization is grateful for their support and that of the cryptocurrency community'

Binance Charity Deputy Director Elizabeth Li recently interviewed Skyler Badenoch, the CEO of Hope for Haiti, a nonprofit working to improve Haitians' quality of life, about the role cryptocurrency and blockchain have played in humanitarian efforts in the wake of Haiti's massive 2021 earthquake. Badenoch said his organization has benefitted from the support of Binance Charity, the philanthropic arm of the largest crypto exchange in the world, and other members of the crypto community.

Binance explained in a blog post that in 2021, a 7.2 magnitude earthquake hit Haiti, destroying buildings and infrastructure and leading to a "significant loss of life." After the earthquake, Hope for Haiti set to work addressing the "urgent need" for services like medical care. Hope for Haiti partnered with organizations, including Binance Charity, to help "provide aid and assistance to affected communities," the blog post said.

“People are trying to figure out how to get access to basic human needs — food, water, access to shelter," Badenoch said in the interview.

“Our entire organization is grateful for their support and that of the cryptocurrency community," Badenoch said, according to the blog post.

Badenoch said one challenge is ensuring donors feel confident that their donations are being used appropriately, which is where blockchain has played a key role, according to the blog post.

Badenoch said of Hope for Haiti's efforts, “We’ve been doing it with high standards of governance, transparency, and accountability to make sure that anybody who donates money to us knows that we’re accounting for every dollar we receive.”

The transparency of blockchain technology has benefitted the philanthropic sector by enabling donors to see that their contributions are being used responsibly.

"Donors can have greater confidence in their contributions, knowing they can verify the impact and track the flow of funds in real time," the blog post said. "This level of transparency can foster trust between charities and donors, encouraging more individuals to contribute to worthy causes."

Blockchain-powered smart contracts are also serving to make donations more transparent and secure by getting rid of intermediaries and guaranteeing that the donations are allocated in accordance with "predefined conditions," according to the blog post.

"The risk of corruption or mismanagement is reduced as the distribution process becomes transparent, auditable, and free from human error," the blog post said. "Ultimately, blockchain technology has the potential to revolutionize the way nonprofits operate, bringing greater transparency, accountability, and trust to the world of charitable donations."

After the earthquake, Binance Charity also partnered with Hope for Haiti "to launch an emergency appeal" with the goal of raising $100,000 to support humanitarian efforts, according to the blog post. Binance Charity donated $50,000 in the form of bitcoin to kickstart the appeal.

“Binance Charity’s incredible generosity in the wake of the devastating earthquake will directly enable our team to provide essential relief, support, and continuous assistance to Haitian families in the greater south of Haiti," Badenoch said. One hundred percent of donations go directly to Hope for Haiti, helping the organization provide services including medical care, access to water, and rebuilding infrastructure.

Houston is home to approximately 20,000 Haitian immigrants, according to ABC.