Black_background_logo_BitcoinWorld-removebg-preview
Blockchain News

Singapore Red Cross Enables Crypto Donations

Singapore Red Cross, a prominent humanitarian aid and community services charity based in the Asian city-state, has embraced the world of digital currencies, allowing individuals to contribute to its cause through cryptocurrency donations. This significant development comes as a result of a collaboration between the organization and the crypto payment gateway Triple-A.

Under this new arrangement, supporters of Singapore Red Cross can make donations by specifying an amount in fiat currency, which is then automatically converted into the chosen cryptocurrency. The charity is now equipped to receive some of the most prominent digital assets by market capitalization, including Bitcoin (BTC), Ethereum (ETH), USDT, and USDC.

It’s important to note that, as of now, these cryptocurrency donations do not qualify for tax deductions. For those seeking tax benefits, the option of contributing via credit card remains available.

Singapore Red Cross has outlined that each crypto contribution will play a role in advancing its humanitarian initiatives, with a particular focus on enhancing the well-being of vulnerable groups such as children, isolated seniors, individuals with disabilities, and families facing economic disadvantages. The organization’s message is clear: by embracing this new way of giving, supporters can make a substantial and lasting impact.

The move towards accepting cryptocurrency donations is not unique to Singapore Red Cross. In fact, a growing number of charitable organizations worldwide are recognizing the potential of digital currencies in expanding their outreach and mission. For instance, Nicklaus Children’s Hospital Foundation, a non-profit in Florida dedicated to improving pediatric healthcare, opened its doors to crypto donations back in October 2021. This allowed donors to contribute using a variety of cryptocurrencies, including BTC, ETH, BCH, LTC, and DOGE.

Similarly, prominent organizations like Susan G. Komen, a breast cancer organization, and the National Children’s Advocacy Center have also taken steps to integrate cryptocurrencies into their donation systems. Susan G. Komen partnered with The Giving Rock in late 2021, enabling contributions in over 50 different cryptocurrencies. Meanwhile, the National Children’s Advocacy Center in Huntsville, Alabama, became the first non-profit in the region to accept crypto donations in November 2022. For donors, this move not only supports worthy causes but also offers potential tax benefits.

Hannah Alderson, Crypto-project Coordinator, expressed the impact of such contributions succinctly: “For us, it equates to a cash donation which turns into therapy hours for children, parenting classes, medical examinations. It turns into hope and healing and justice for kids who have been hurt by the people who were supposed to be taking care of them.” With these pioneering steps, charitable organizations are tapping into the transformative potential of cryptocurrencies to further their missions and create positive change in society.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.