In a progressive move towards embracing digital innovation, the Singapore Red Cross has now opened its doors to cryptocurrency donations. The esteemed humanitarian aid and community services charity recently announced that it will accept Bitcoin donations, marking a significant step in the evolution of philanthropy in the digital age.
Partnering with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore, the Singapore Red Cross aims to attract a new segment of donors who are tech-savvy and wish to contribute to noble causes through their digital assets. This innovative collaboration will also enable anonymous donations in cryptocurrencies, ensuring privacy and convenience for donors.
Benjamin William, the Secretary General and CEO of the Singapore Red Cross, expressed,
“We are excited to welcome cryptocurrency as a newly accepted form of donation. By embracing digital currencies, we are not only catering to the preferences of tech-savvy donors but also opening up more opportunities for the new generation to engage in philanthropy and support the vulnerable.”
Crypto for Good: Now Donate Effortlessly with Popular Digital Currencies!
The new crypto payment option is already live on the Singapore Red Cross website, providing an effortless way for donors to contribute. The payment gateway currently supports four popular digital currencies, and a special solution has been integrated to facilitate donations directly from the Binance digital wallet.
One of the key advantages of this move is that all cryptocurrency donations will be swiftly converted into fiat currency and settled via bank transfer within a single business day. This efficient conversion process ensures that the funds are readily available for the organization’s critical humanitarian initiatives.
This groundbreaking development comes on the heels of a significant legal acknowledgment of cryptocurrencies in Singapore. In a landmark ruling, the High Court of Singapore declared cryptocurrencies as private property, likening them to fiat money. Consequently, digital currencies can be categorized under “things in action” in British common law, granting them similar status and legal protections as physical possessions.
The Singapore Red Cross’ adoption of cryptocurrency as a donation channel reflects its commitment to staying at the forefront of technological advancements in the philanthropic sector. As the organization forges ahead with this new initiative, it seeks to harness the potential of digital currencies and attract a diverse pool of donors, thus expanding the reach and impact of its noble endeavors.
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