The COVID-19 pandemic, no doubt, caused a lot of instabilities around the world, the financial market included. The crash in the global market propelled investors to consider preserving their wealth in assets such as gold and cryptocurrencies like Bitcoin, thus giving the new asset class more global recognition.
Non-governmental organizations are also joining the bandwagon as SOS Kinderdorf, a sublet of the Swiss-based non-governmental organization SOS Children Villages International is now accepting accept donations in Bitcoin, according to Wednesday report.
The development will make it easier for crypto holders who have a passion for humanitarianism to contribute to the charitable work of the NGO.
SOS Kinderdorf will utilize the services of Swiss e-payment specialist Datatrans and startup Coinify to accept the donation. The charity organization notes that 1 BTC will send 50 children to school for a whole year.
The NGO has also taken precautionary measures to circumvent donations from cybercriminals and money launderers. All crypto donations must first pass through a financial intermediary that has been censored by the Swiss regulator FINMA for proper scrutinization.
SOS Kinderdorf is a non-denominational organization that offers support to disadvantaged children in over 135 countries. The NGO also aims to provide care, guidance, and protection to children that lack, build the bonds of families, and advocate for the rights of children.
SOS Kinderdorf is not the first charitable organization to accept cryptocurrency donations. In March, Coinfomania reported that the Human Rights Foundation (HRF) and UNICEF are now accepting Bitcoin donations.