KuCoin, an IDG-backed crypto exchange has partnered with
Cashaa, a blockchain-based financial platform, to jointly initiate charity campaigns to help people cope with the increasingly severe challenges of COVID-19 in India. UAE O1Ex had previously invested in Cashaa which has
expanded into the USA, India and other markets.
Latest statistics show that India's COVID-19 cases have surpassed 25 million as mutations spread across the globe. What makes things worse is that the virus crisis is pushing up the cost of living as the shortage of daily supplies has been seen in many Indian cities. As part of KuCoin's charity initiative in India, the crypto platform has pledged ₹2 million worth of food and daily supplies, and these goods will be delivered to the families in need with the help of Unicas, the world's first crypto bank powered by Cashaa.
The first batch of food and daily supplies including wheat, rice, dal and salt has started to be distributed to people in Jaipur, Delhi, and Patna earlier today, and more families will be covered in the following days. It is noticed that each ration kit will be able to feed a family of four for up to two weeks.
"As a global exchange, we pay close attention to the COVID-19 situation as it spreads across the world," said Johnny Lyu, CEO at KuCoin Global. "Knowing its outbreak in India and considering the daily nutritional needs are at the edge for millions of people during the quarantine, as the People's Exchange, we are pleased to take our responsibility to help local people address these challenges brought by the COVID-19."
As the COVID-19 has continued to deteriorate in India since April, KuCoin launched a charity fund with an initial investment of ₹1 Crore on April 28, 2021. The fund is dedicated to assist local partners and NGOs in providing much-needed support to residents in those cities with insufficient resources to fight against the pandemic.
"Unicas started the initiative #NoOneSleepsHungry to address the root cause of hunger and that it does not become the reason for anyone to suffer amidst the ongoing COVID-19 crisis. With our distribution of 1,000 ration kits with essential food supply, the campaign has positively affected the lives of several people in Jaipur, however it's not enough," said Dinesh Kukreja, CEO of Unicas. "We are grateful to join hands with KuCoin to facilitate the underprivileged and needy in these dire times and extend this initiative to two other cities and provide support to 2,000 families."
As one of the first crypto trading platforms to enter the Indian market, KuCoin is committed to supporting local blockchain startups, listing promising crypto gems, providing Indian Investors with safe and easy-to-use trading services, as well as contributing to the mass adoption of blockchain. It believes that the technology has the potential to facilitate the free flow of value, upholding the well-being of all people.
As the next step of its charity initiative in India, KuCoin has partnered with Adim Sanskruti, a Pune-based Non-Governmental Organization (NGO), to extend the daily supplies distribution to Pune, the second largest city in Maharashtra in a few days, and it is anticipated that another 750 families will be benefited.
