In a bid to expand its fundraising avenues and cater to tech-savvy donors, Singapore Red Cross, a prominent humanitarian aid and community services charity, has taken a bold step by embracing cryptocurrency donations. This was made known in an announcement today, the 7th of August.
This move marks a significant shift in the organization’s fundraising strategy. It will further enable it to accept digital currencies as a newly-accepted form of contribution.
Welcoming Crypto Contributions and Partnerships
Singapore Red Cross has made it easier for cryptocurrency enthusiasts to contribute to its noble cause. As of now, the organization will accept donations in four major digital currencies – Bitcoin, Ether, Tether, and USD Coin.
This forward-looking decision comes as a result of the increasing popularity of cryptocurrencies. Additionally, the desire to cater to a new generation of donors well-versed in the world of digital assets fueled this.
Furthermore, Singapore Red Cross has entered into a strategic partnership with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore. This is to make this venture into cryptocurrency donations a reality.
Moreover, this collaboration ensures that the process of donating in crypto is secure and streamlined. Triple-A’s licensing by the monetary authority ensures compliance with local regulations and boosts the confidence of potential donors.
Anonymous Donations and Conversions to Fiat Currency
One of the key features of this collaboration is the option for anonymous donations. With the support of Triple-A’s payment gateway, donors can now contribute to Singapore Red Cross without revealing their identities. This anonymity can encourage more individuals to step forward and support humanitarian efforts through cryptocurrency donations.
Furthermore, all cryptocurrency donations received by Singapore Red Cross will be swiftly converted into fiat currency. This is to ensure seamless integration and financial stability. Also, this step guarantees that the organization can effectively utilize the funds for its various charitable initiatives.
The conversion process will be carried out within one business day, ensuring quick and efficient use of the donated amounts.
Benjamin William’s Enthusiasm
Benjamin William, the Secretary General and CEO of Singapore Red Cross expressed his enthusiasm about this new step. He further highlighted the opportunities this brings for both the organization and the donors.
He stated,
“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.”
Significantly, this move is a testament to the organization’s commitment to staying relevant in the rapidly evolving technological landscape.
Singapore Red Cross has already integrated the crypto payment option on its website. This seamless integration allows donors to make contributions in cryptocurrencies directly through the platform. Furthermore, in addition to the four major digital currencies, a separate solution is provided for those who wish to donate from Binance digital wallet.
Legal Recognition of Cryptocurrency in Singapore
The High Court of Singapore’s ruling in July, declaring cryptocurrency as private property, has further solidified the legitimacy of digital currencies within the country. This legal recognition equates cryptocurrencies to fiat money in terms of classification, treating them as “things in action.”
Notably, this classification grants them a status of property over which personal rights can be claimed or enforced through legal action, without requiring physical possession.
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