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- Singapore Red Cross has started accepting donations in crypto.
- The top tokens accepted includes Bitcoin, Ethereum, Tether and USDC.
The Singapore arm of the humanitarian organization Red Cross has inked a strategic partnership deal with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore (MAS).
This collaboration means that the Singapore Red Cross can now accept donations in cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USD Coin (USDC). A look at the official website of the organization shows that this option is now live.
Singapore Red Cross is able to integrate this new development through Triple-A’s white-label crypto payment solutions and according to the crypto payment gateway, donors will not be required to pay tax on the digital assets used as donations.
All crypto donations will be converted to fiat currency (government-issued) and settled through bank transfer within one business day to ensure that the funds are easily accessible for humanitarian purposes.
Crypto Donations Offers Global Accessibility
Secretary-General and Chief Executive Officer (CEO) of Singapore Red Cross Benjamin William acknowledged that crypto donations have become increasingly popular. He listed global accessibility and the efficiency of processing them as the reasons for these rising interests. William is confident that the strategic move made by the organization will attract donors who are tech-savvy and wish to make a difference through their digital assets.
Already, Singapore Red Cross receives donations in millions of dollars. According to its annual report, the general donations to the organization surpassed $4.5 million in 2022.
“Enabling cryptocurrency donations also opens more opportunities for the new generation of donors who are au fait with digital currencies to consider philanthropy and helping the vulnerable,” the Singapore Red Cross executive added.
Triple-A shared the same sentiment as the Singapore Red Cross on the functionalities and benefits of crypto donations. Eric Barbier, the CEO of the crypto firm highlighted that using crypto as a payment option makes transactions faster and more secure. In his opinion, it reduces administrative overheads and ensures that the funds reach those in need promptly.
Earlier Crypto-News Flash reports also reiterated that cryptocurrency donations allow for total transparency, are incredibly faster to process, are safer and bring huge tax savings.
Ukraine is a beneficiary of crypto donations, especially during the Russian invasion of 2022. The Eastern European country raised more than $225 million in cryptocurrencies from individuals and organizations worldwide during the crisis. Noteworthy, the Singapore Red Cross is not the only organization in the region accepting donations in crypto. The Food Bank Singapore also accepts cryptocurrencies as donations.
More Organizations Joins the Trend
Some other charitable organizations in Singapore like Daughters of Tomorrow and Cycling Without Age use the Digital Philanthropy platform, which is “a social purpose blockchain-enabled marketplace”, to receive their crypto donations.
Generally, mainstream adoption of crypto payment is fast gaining traction across different sectors. Cryptocurrency-based settlements takes away the presence of geographical barriers and also enhance the inclusion of the unbanked population.
