In a strategic move to broaden its donation options, the Singapore Red Cross has announced a partnership with Triple-A, the first crypto payment gateway authorized by the Monetary Authority of Singapore.
The collaboration, unveiled on August 7, 2023, now enables the organization to seamlessly accept cryptocurrency donations, a move anticipated to tap into the burgeoning trend of digital asset contributions.
Through this collaboration, the organization now welcomes donations in Bitcoin, Ether, Tether, and USD Coin, as its website now features the option to donate using cryptocurrencies.
It’s worth noting that all contributions, regardless of the cryptocurrency used, will be converted into traditional currency and processed through a bank transfer within a single business day. In addition to supporting four well-known digital currencies, the payment gateway also provides a dedicated solution for donations made from a Binance digital wallet.
Mr. Benjamin William, Secretary General and CEO of the Singapore Red Cross, stated:
“Cryptocurrency donations have become increasingly popular due to the efficiency of processing them and their global accessibility… 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.”
According to William, including the option for cryptocurrency donations also increases the chances that the next generation of donors, who are familiar with digital currencies, will think about charity assisting those in need.
Mr. Eric Barbier, CEO of Triple-A, added:
“We’re honoured to partner with the Singapore Red Cross in enabling cryptocurrency donations and empowering donors to support humanitarian causes with digital assets.”
Barbier further emphasized that crypto payments provide swifter and more secure transactions and guarantee prompt delivery of funds to those requiring assistance.
This move towards accepting cryptocurrency donations aligns with a recent legal development in Singapore. In July 2023, Judge Philip Jeyaretnam of the High Court of Singapore ruled that cryptocurrencies are recognized as a valid form of property eligible for trust holding. The Judge emphasized that there is no differentiation between cryptocurrencies, fiat currency, or even physical items like shells as long as they hold value based on communal trust, irrespective of their tangible attributes.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.
