Tether donates $1 million to help victims in hurricane Dorian-ravaged Bahamas

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Tether donates $1 million to help victims in hurricane Dorian-ravaged Bahamas

In the wake of hurricane Dorian, stablecoins issuer Tether has pledged to donate $1 million to support the victims of the powerful category 5 storm that devastated much of Abaco and the Grand Bahama islands.

Tether undertakes humanitarian efforts

In what is reportedly the company’s first charitable initiative, Tether is working with Deltec Cares, a local nonprofit organization carrying out relief operations in the region.

“In the wake of Hurricane Dorian, one of the most powerful storms to hit land anywhere in the Atlantic, Tether has pledged its support to aid the recovery and reconstruction of The Bahamas,” the company said in a press release published Tuesday.

Tether is also urging its clients as well as members of the public interested in supporting the relief effort in the Bahamas to send donations in USDt to its dedicated Omni and ERC-20 wallet addresses.

“We are humbled to play a part in Bahamian reconstruction efforts and to help those in need in The Bahamas. Tether has set up an address for donations in Tether (USDt) that will help Bahamian communities recover from the tragedy.”

Tether has promised to send all contributions it will receive from its users to Deltec Cares either in USDt or fiat currency. 

Cryptos making the world a better place 

Staunch bitcoin critics and haters such as the Nouriel Roubinis, President Donald Trumps, and Warren Buffetts of this world firmly believe that nothing good can come out of Bitcoin and other cryptocurrencies.

However, the humanitarian activities undertaken by a good number of crypto market participants and enthusiasts in recent times has proven that there is more to cryptoassets than just money laundering and terrorist financing.

On September 10, 2019, reports emerged that U.S.-based crypto exchange Coinbase and BitPay, a leading bitcoin payment service provider and custodian, have teamed up with Lend a Hand Bahamas, a Bahamas-based nonprofit organization, to enable the victims of Hurricane Dorian to receive monetary donations in cryptocurrency.

“Looking for a way to help those affected by Hurricane Dorian? Lend a Hand Bahamas has set up a Coinbase Commerce account to accept crypto donations for relief efforts easily. Donate here. And learn more about Lend a Hand Bahamas,” tweeted Coinbase.

Leading crypto exchange, Binance, is doing its part as well, having launched the Binance for Hurricane Relief initiative on September 5 through Binance Charity.

At press time, the platform has received a total of 0.5623 BTC ($5,748.13) donations, which will, in turn, be channeled towards relief efforts in the Bahamas.