Singapore Red Cross teamed up with a local crypto payment service provider, Triple-A, to enable cryptocurrency donations. The organization’s support for cryptocurrency donations comes after their growing popularity and global accessibility.
Singapore Red Cross Adds Support for BTC, ETH, USDT, and USDC Donations
According to Fintech Finance News, Singapore Red Cross, a local humanitarian aid and community services charity, is now accepting donations in the form of cryptocurrencies. The move follows the organization’s new partnership with Triple-A, the first crypto payment gateway licensed by Singapore’s central bank.
With Triple-A’s crypto-related services, the Singapore Red Cross now accepts cryptocurrency donations from those who wish to help the vulnerable. After receiving crypto payments, the charity group converts all cryptocurrencies into fiat currency, ensuring the funds are readily available for new humanitarian endeavors.
Singapore Red Cross now accepts donations in four cryptocurrencies, including Bitcoin, Ethereum, and the two largest stablecoins, USDT and USDC.
Crypto Donations Open “More Opportunities for the New Generation of Donors”
Singapore Red Cross’s decision to add support for cryptocurrencies comes from the ever-growing popularity of blockchain technology and the global accessibility of those assets, according to Benjamin William, Secretary General and CEO of the charity organization.
“By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets. 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.”
– Benjamin William, Secretary General and CEO of Singapore Red Cross.
The use of crypto for humanitarian efforts has been on the rise recently, with a record number of nonprofits beginning to accept digital assets as a means of payment in 2022, despite the sharp market downturn. For instance, a series of charity organizations accepted crypto donations to help those affected by catastrophic earthquakes in Turkey earlier this year. Similarly, cryptocurrencies played an essential role in donations to aid the Ukrainians following Russia’s invasion in February last year.
According to The Giving Block’s “2023 Annual Report on Crypto Philanthropy,” crypto donations are expected to exceed $10 billion over the next decade.
This article originally appeared on The Tokenist
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