In a statement released on August 7, Singapore Red Cross, a humanitarian aid and community services charity, announced its partnership with Triple-A to include cryptocurrency as a newly accepted form of donation.
Triple-A is the first crypto payment gateway licensed by the Monetary Authority of Singapore to enable the option of anonymous donations in crypto. Singapore Red Cross will accept donations in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).
The High Court of Singapore declared crypto private property in July. This means it doesn’t differ in principle from fiat money and could be classified in the category of things in action. All crypto donations will be converted into fiat currency and settled via bank transfer within one business day, ensuring the funds are readily accessible to support the organization’s humanitarian initiatives.
Speaking on the latest development, Mr Eric Barbier, the CEO of Triple-A said it offers faster, more secure transactions, reduces administrative overheads, and ensures that the funds promptly reach those in need.
According to Benjamin William, the CEO and general secretary of Singapore Red Cross, the decision to include crypto donations comes from the growing popularity of blockchain technology and the global accessibility of its assets. He said:
“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.”
The option for crypto payment is now available on the Singapore Red Cross website. Donors around the globe can contribute using their preferred cryptocurrency.
Recently, there has been a rise in the use of cryptocurrency for humanitarian deeds. For instance, a number of charity organizations accepted crypto donations to help victims of catastrophic earthquakes in Turkey earlier this year. Crypto donations were made last year to help Ukrainians following Russia’s invasion in February.
