Coronavirus (COVID-19)News

Coronavirus Relief Fund: BitMEX to Donate $2.5 Million to Contain COVID-19

Coronavirus Relief Fund

The crypto derivatives exchange BitMEX decides to donate nearly $2.5 million to the foundations, working to contain COVID-19 throughout the world. The Seychelles-based cryptocurrency exchange is not the first one offering donations for the virus as many crypto companies witnessd to participate in philanthropic tasks.

COVID-19 Response Fund

BitMEX’s operator HDR Global Trading Limited, on April 20, launches ‘’a dedicated COVID-19 Response Fund’’ and announces to give almost 42.5 million to four different foundation linked with Gates Foundation.

The relief fund will go to four different philanthropic initiatives which include OpenMined, Our World Data, Nuclear Threat Initiative, and Gates Philanthropy Partners. Each one will receive an amount between $300,000 and $1,000,000 as the exact amount is not mentioned in the announcement.

Arthur Hayes, the co-founder and CEO of BitMEX’s operator HDR Global Trading, said:

‘’We are committed to thoughtful grantmaking and ensuring that our actions during the COVID-19 crisis can make the biggest impact now and in the future. We have therefore decided to make grants totalling US$2.5 million to four organisations that are making a tangible difference in tackling COVID-19 as well as mitigating global catastrophic biological risks.’’

Donations to Suitable Non-Profits

All of the four recipient welfare companies are fighting the global health war and to empower the world with rapid solutions to mitigate issues and problems prevailing in the world. For example, The Nuclear Threat Initiative is a non-profit “Biosecurity Program” that is lead by an expert team helping in eradicating “global biological risks”. In this critical time, they are evaluating that which countries are more affected by COVID-19 and serving their part in containing pandemic.

BitMEX said that they have consulted with the UK-based advisory group, Effective Giving U.K., to know about how their donations could help in a better way to fight against the Coronavirus. They also said that “HDR Global Trading’s COVID-19 Response Fund” is separate from the philanthropic aid given by the co-founder of HDR Global Trading, Ben Delo, in response to COVID-19. The crypto exchange BitMEX is not the first exchange to donate relief funds. Recently, Binance announced to buy medical equipment with $2.4 million in cryptocurrency.

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