Lawrence Damilola
Gate.io, a global cryptocurrency exchange, announced in yesterday’s tweet that Shiba Inu, along with AiRian, MemeCore, and East Asian media outlets, contributed to the success of the Lead Asia Charity Carnival 2024.
The event aimed to raise funds for the SEUNGIL HOPE Foundation, which focuses on leveraging blockchain technology for charitable activities. Shiba Inu has supported charitable initiatives at the Korea Blockchain Week 2024.
The tweet stated that the foundation’s fundraising efforts saw a “major boost” due to the support received from these organizations. Gate.io thanked Shiba Inu and other supporters for their involvement, highlighting the impact on the event’s fundraising goals.
🇰🇷#Gateio brings you Lead Asia Charity Carnival 2024 at Korea Blockchain Week!
— Gate.io (@gate_io) September 5, 2024
Special thanks to AiRian, Shiba Inu, MemeCore, and East Asian media for their incredible support.
Funds raised for SEUNGIL HOPE Foundation—Web3 charity just got a major boost! 🌍💪#Charity #KBW pic.twitter.com/8q27nLNBGe
Shiba Inu’s engagement in charitable activities is not a new development. Previously, the cryptocurrency collaborated with the Manny Pacquiao Foundation, a non-profit organization led by Filipino boxing legend and politician Manny Pacquiao. The foundation has been using Shiba Inu’s blockchain network to improve operations. Pacquiao announced that his foundation would integrate Shiba Inu’s Layer 2 blockchain, Shibarium, to manage its fundraising and other activities more efficiently.
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A statement released by the Manny Pacquiao Foundation noted that Shibarium would be utilized “to better optimize, streamline, and record its activities, including tracking its fundraising and donations, distributing funds, and managing other resources, while externally providing even greater transparency concerning its social good efforts across the globe.”
Shibarium, Shiba Inu’s Layer 2 blockchain, was launched in August 2023 and is designed to run on the Ethereum network. Similar to other Layer 2 solutions, such as Arbitrum and Optimism, it aims to improve transaction speeds and reduce costs.
Jon Sisson, the executive director of the Manny Pacquiao Foundation, highlighted the benefits of Shibarium for the foundation’s work. “Shibarium will allow us to continue this good work while scaling up operations to help millions more,” he stated.
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The foundation has been involved with cryptocurrencies for some time, having accepted SHIB tokens on its website since 2021.
Shiba Inu, known as SHIB, was launched in 2020 as a meme coin to rival Dogecoin (DOGE). It operates on the Ethereum blockchain and has since grown to become the 13th-largest digital asset by market capitalization. Despite its origins as a meme coin, Shiba Inu developed a large following and continues to expand its utility beyond traditional trading. This is demonstrated by its involvement in charitable initiatives such as the Manny Pacquiao Foundation and the Lead Asia Charity Carnival at Korea Blockchain Week 2024.
LAWRENCE
Lawrence is a cryptocurrency journalist covering blockchain developments and digital assets.
