The Stellar Development Foundation announced to donate 2.5 million Lumens to six charities to help fight the coronavirus pandemic. The foundation has also called on the community to help in the time of crisis. Several other crypto companies have also donated to help fight the coronavirus pandemic in the last month. The SDF will kick off with 100,000 XLM donations to each charity and will use the remaining funds to match lumen donations made by the community.
Stellar has a strong balance sheet.
In the official announcement, Stellar Development Foundation noted that they have some stability during this uncertain time, and it’s a gift that they are not going to take for granted. Stellar Development Foundation plans to use two things; its active community and XLM reserves. The company also announced an XLM-donation-matching program for the month of April with Stellar-based Lumenthropy. The numbers of COVID 19 positive cases around the world have reached above one million as the numbers continue to rise. The global pandemic has also taken a huge toll on the global economy.
Other crypto companies also step up to help fight the global pandemic.
Earlier, blockchain company Ripple announced to donate $200,000 to help fight the coronavirus pandemic. Ripple is not the only crypto company that has come forward in the time of crisis to help fight the coronavirus outbreak. Binance also established a charity fund to help health care workers in this time of the global pandemic. Several other crypto companies have also stepped up and donated for the righteous cause.
The number of coronavirus deaths topped 50,000 around the world yesterday as another grim milestone was reached with more than one million confirmed positive COVID 19 cases. The impact of coronavirus has been quite brutal on the global economy as well. Over 3.3 million Americans so far have filed for unemployment as financial markets continue to crash in the midst of the global pandemic. Over 2 billion people across the world are currently under some sort of lockdown.