Medical staff bring a coronavirus patient into a hospital in Wuhan in China's central Hubei province on January 18, 2020. Photo: AFP

Blockchain and cryptocurrency firms have pledged to help victims of the coronavirus in Wuhan, China.

Cryptocurrency exchange Binance has pledged to donate 10 million Chinese yuan ($1.44 million) to the effort, Cointelegraph reported.

In a tweet on January 25, Binance CEO Changpeng Zhao said, “For #Wuhan, not realistic to do crypto to end beneficiaries. Binance pledged 10m RMB ($1.5m USD) to help #coronavirus victims. We didn’t make any announcements. But [Binance Charity Foundation] BCF/Binance team has been busy for the last few days. Still need help to arrange logistics locally.”

In addition, Binance  bought more than 8,000 medical masks to help Wuhan. However, it experienced difficulties transferring them, AZ Coin News reported.

“All N95 masks in China, Japan and surrounding regions are sold out. We bought 8000+ medical masks but also having difficulties sending them to Wuhan. If you know of logistics channels that still work, please do share,” tweeted the Binance chief.

According to a January 25 WeChat post by blockchain marketing service Krypital, the firm also launched a fundraising effort to acquire medical supplies for Wuhan virus victims.

Krypital also announced that it will create a blockchain-based donation system that allows for greater transparency and efficiency. The firm accepts Tether (USDT) on the Ethereum blockchain.

The company is also recruiting volunteers for group administration, material purchases, sorting and transportation management, media announcements and graphic designers.

As Cointelegraph reported, yesterday Bitcoin (BTC) slumped 6% on the Chinese New Year due to uncertainty surrounding the spread of the coronavirus.

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