Huobi Charity has announced an initiative to distribute aid to assist Indonesia’s fight against COVID-19.
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It has been reported that Huobi Charity will distribute aid in partnership with the Indonesia-China Association of Economic, Social and Cultural Cooperation (ICAESCC) to make monetary contributions, donate medical supplies, and leverage blockchain technology to assist healthcare organizations.
However, to provide immediate relief, Huobi Charity will donate roughly $50,000 in Huobi Token (HT) to ICAESCC for the purchase of medical supplies for hospitals.
Ciara Sun, the Vice President of Global Business of Huobi Group, emphasized that the coronavirus pandemic is impacting “everyone in every corner of the world, regardless of industry, socioeconomic status, or nationality.”
It has been analyzed that on March 31, Indonesia closed its borders to foreigners after a study released by the University of Indonesia warned that the country could see 240,000 deaths by the end of April if no action is taken.
The study estimated that varying degrees of intervention could reduce the number of deaths to between 12,000 and 48,000.
“For the sake of the healthcare workers on the front lines and the millions of lives at risk, we need a concerted effort so we want to invite the broader blockchain and crypto communities to join us in our fight against COVID-19.”
Likewise, Huobi’s Indonesian subsidiary has also developed an online portal for fiat and crypto donations to ICAESCC.
Huobi Indonesia is slated to work with ICAESCC to administrate and promote the platform, and distribute medical supplies. The portal is available in English, Chinese, and Indonesian.
It has also been analyzed that Huobi Charity plans to launch a similar initiative in New York, which now has more than 83,000 confirmed COVID-19 cases.
Furthermore, Huobi Indonesia is one of just three national subsidiaries operated by Huobi Global, alongside exchanges targeting South Korea and Russian respectively.
In spite of producing relatively low trade volume when compared to Korea and Russia, Huobi Charity’s initiative highlights the importance of the Indonesian market to the exchange.
Thus, Huobi Indonesia comprises the second-largest Indonesian exchange by volume, generating roughly $2.25 million in trade from 29 pairings over the past 24 hours.