The COVID-19 pandemic has attracted the blockchain community attention. The global scourge has seen Stellar fighting coronavirus with 2.5 million lumens donation. Through the Stellar Development Foundation, the funds will be channeled through charities to help in the fight against the virus.
The Foundation had announced it will donate 2.5 million Lumens to six charitable organizations to fight the disease. The Foundation has also called upon the community to contribute to hitting the donation target. Each charity will receive 100,000 Lumens (XLM) with the rest expected from the community well-wishers.
Stellar Foundation has a strong balance
Despite a bearish market, the Stellar Foundation revealed that their balance sheet is stable and they are using the gift to lend a helping hand. However, they are only targeting two sources; the community and platform Lumens reserves to make the donations available.
At press time, the number of those affected by the virus had passed the 1 million mark and continuing. Through their Lumenthropy program, the company has also announced donations through the month of April. The gesture comes at a time when the global economy has been adversely affected by the pandemic.
More firms join in Stellar Foundation initiative
The pandemic fight appears to be bringing blockchain firms together. Ripple has recently pledged to donate $200,000 USD which will go into fighting the pandemic. Binance has also set up a fund targeting health caregivers which is a big boost as this is the group getting into contact with the victims.
As of yesterday, over 50,000 deaths had been reported globally with over 1million testing positive of the COVD-19. This paints a grim picture of the pandemic which has cannibalized the global economy in less than four months. The scenario has been complicated with rising unemployment with the U.S. alone having over 3.3 million citizens who have filed for unemployment.