August 9, 2023
By Anjali Kochhar
In a significant move, the Singapore Red Cross has recently announced that it will now accept cryptocurrencies as a form of donation. This humanitarian organisation has teamed up with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore, to facilitate this new payment method.
Cryptocurrencies like Bitcoin, Ethereum, Tether, and USD Coin will be accepted as donations, providing tech-savvy donors with an alternative way to contribute to the organisation’s noble causes. The option to donate in cryptocurrencies is already available on the Singapore Red Cross website.
It’s important to note that donors who contribute through cryptocurrencies won’t receive tax deductions. However, to ensure the funds are easily accessible and can be used to support the humanitarian initiatives promptly, all crypto donations received will be converted into fiat currency, which is the government-issued currency, and settled via bank transfer within one business day.
Mr. Benjamin William, the secretary-general, and chief executive officer of the Singapore Red Cross, expressed his enthusiasm for this initiative, stating, “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.”
In the year 2022, the Singapore Red Cross received general donations amounting to over $4.5 million, highlighting the immense support they receive from the public.
Apart from the Singapore Red Cross, The Food Bank Singapore has also embraced cryptocurrency donations. Additionally, other local charitable organisations, such as Daughters of Tomorrow and Cycling Without Age, utilise the Digital Philanthropy platform—a social purpose blockchain-enabled marketplace—to receive contributions in the form of cryptocurrencies.
This innovative step by the Singapore Red Cross and other charitable organisations shows the increasing acceptance and adoption of digital assets for making a positive impact on humanitarian causes. It opens up a new realm of possibilities for donors who want to use their digital assets to contribute to meaningful and transformative initiatives.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
