The charitable firm Singapore Red Cross, would begin accepting crypto donations and has already enabled the option for a few crypto tokens.
Crypto donations have been a trendy subject in the financial services world in recent years. After the Russia-Ukraine conflict, Ukraine received millions in crypto donations. The event presented the possibility of crypto donations helping organizations and also increasing adoption.
In the latest series of crypto news, the Singapore Red Cross has announced its plans of accepting crypto donations. It has collaborated with Triple-A, a crypto payment gateway, for the project. The firm has procured a license from the Monetary Authority of Singapore earlier.
According to the charitable firm, it would accept crypto donations in multiple crypto tokens. It would include ETH, USD Coin, Bitcoin and Tether.
Triple-A would offer its solutions to the organization and help it settle all donations. The crypto would be converted into fiat money and transferred via a bank within a single business day.
“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,” said the CEO of Singapore Red Cross, Benjamin William.
The CEO of Triple-A, Eric Barbier, also welcomed the partnership. According to him, humanitarian causes would be extremely benefited with donations in digital assets. The Monetary Authority of Singapore has been heavily proactive in promoting causes for crypto. It also released a paper on digital assets a few months earlier.