Binance released its highly anticipated proof of reserves (PoR) on Friday, providing blockchain-based evidence for the Bitcoin on its books. However, many in the crypto community question Binance’s approach, and aren’t fully convinced that they have the transparency they’re looking for. The Move to Proof of Reserves As Binance explained in its announcement, the exchange’s transparency system will add multiple tokens and networks within the next two weeks. For now, it solely validates its Bitcoin holdings. The company’s initial audit…
Binance is creating employment for El Salvadorian youths to remedy the rate of gang-related activity in the country.
According to the exchange’s CEO Chapeng Zhao, employment opportunities targeted at young Salvadoreans could keep them off the streets. In the past weeks, the country has had its share of gang incidents. A situation that was dire enough to keep pro-crypto President Nayib Bukele off the recent Bitcoin conference.
Early this morning, Zhao revealed that Binance already recruited 7 new Salvadorean employees. In addition, they have delivered 13+ job invitations and published 30 job postings to assist the crypto-friendly state. All these happened in April.
We @Binance took a different approach to help with the gang issues in El Salvador.
Create jobs for the youth.
Last 2 weeks, we have hired 7 staff, + offers for 13, and 50+ more openings, and hopefully get a few hundred before year end.
Long term solution. Crypto creates jobs. https://t.co/zRhrxztKYs
— CZ 🔶 Binance (@cz_binance) April 16, 2022
According to CZ, most of the new staff additions are handling responsibilities at the Spanish-speaking customer service line. Although the executive stressed that other positions will be available shortly. In addition, the leading crypto exchange has kicked off an educational program for enlightening El Salvador residents. The program will tutor people about blockchain technology and its assets.
War Against Gangs in El Salvador
Of late, the rate of gang involvement activities spiked in the country. According to multiple reports, a rumored breach of a truce between the government and El Salvador gangs might have increased gang violence.
Regardless of truce-breaking accusations, the El Salvador government continues to adopt a more aggressive approach toward toning down gang-related violence. According to President Bukele, authorities curbed over 10,000 gang members within 21 days. Currently, the El Salvador government has declared a 30-days emergency operation against gang-related activity
Despite yielding results, some UN officials argue against the aggressive approach employed by El Salvador to combat gangs.
Now, we recognize the challenges posed by gang violence in El Salvador and the State’s duty to ensure security and justice. However, it is imperative that this is done in compliance with international human rights law,” said the UN high-commissioner office spokesperson, Liz Throssell.
Support from Other Crypto Firms against Gang Violence
Besides Binance, other crypto companies have stepped up to help El Salvador with the present gang crisis.
Recently, Bitfinex and Tether collaborated to organize a fundraiser to support the families of the murder victims. After making a combined donation of 25 BTC, they raised an additional 11 BTC through a fundraiser campaign. Donations are also said to be approaching almost 2 million dollars.
Finally, going by latest developments, CZ expects other parties to jump on the ship against violence soon enough.