Community service charity, Singapore Red Cross made a big announcement related to cryptocurrency. The charity firm is to include particular types of digital assets as a new form of donation, opening doors for Tech-Savvy donors. To facilitate the same, the Singapore Red Cross established a partnership with Triple-A, a crypto payment gateway licensed by the Monetary Authority of Singapore (MAS).
The Plan of Singapore Red Cross
“In partnership with Triple-A, the Singapore Red Cross is ready to receive crypto donations from the supporters”, stated Benjamin William, CEO and secretary general of the humanitarian organization. The announcement was made by the Singapore Red Cross on August 2, 2023. The goal is to boost funds for humanitarian services so as to uplift the vulnerable mainly in Singapore. The charity organization is to convert the received digital currency into fiat money and settle down the same through bank transfer in a business day. To do so, the Singapore Red Cross established a partnership with a crypto payment gateway, Triple-A.
The payment gateway is already running on the charity firm, assisting tech donors worldwide to donate using their preferred digital assets. Some of the particular cryptocurrencies the Singapore Red Cross accepts at present are Bitcoin (BTC), Tether (USDT), Ethereum (ETH), and USD Coin (USDC). Donors are allowed to use any of the digital assets for donations without receiving a 2.5X deduction.
Another purpose behind the decision is to expand donation methods and raise more and more funds for the needy. Partnership with Triple-A made working much easier, faster, and more efficient.
Why is the Singapore Red Cross accepting crypto?
The cryptocurrency market is evolving continuously and expanding its roots in many business industries. Now, it’s time for the Charity sector to take advantage of digital assets and benefit the needy. “Digital asset donations have become famous due to global accessibility and efficiency”, stated Benjamin William.
The plan simply opens doors for donors who are more interested in technology and wish to transform the world using cryptocurrency. The concept is also going to generate opportunities for a new generation of donors who are interested in digital currencies to help the vulnerable.
Recently, Singapore’s high court recognized and accepted cryptocurrency as private property, equating digital assets with traditional currency. Crypto payments offer secure, faster, and reduced administrative overheads which is another reason for accepting cryptocurrencies. The CEO of Triple-A, Eric Barbier also put his view on the new initiative. “Partnering with the Singapore Red Cross will enable digital asset donations along with empowering donors to support humanitarian causes using digital assets”, He added.
Conclusion
The homegrown humanitarian organization, Singapore Red Cross announced a partnership with Tril-A, a payment gateway on August 2, 2023. The main purpose is to attract tech-savvy charity firms and help the needy with the help of digital assets. BTC, USDT, ETH, and USDC are some main digital currencies the Singapore Red Cross is accepting. The received digital donation will be converted into fiat money to help the vulnerable.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/27/want-to-donate-crypto-singapore-red-cross-is-now-accepting/