Homegrown humanitarian organisation, Singapore Red Cross, now accepts cryptocurrency as a form of donation, following a new partnership with Triple-A, the crypto payment gateway licensed by the Monetary Authority of Singapore (MAS).
Now utilising Triple-A’s crypto payment solutions, the Singapore Red Cross can now receive crypto donations from its supporters. All crypto donations will be converted into fiat currency and settled via bank transfer within one business day, to enable the organisation to fund humanitarian services to uplift the vulnerable, particularly in Singapore.
Singapore Red Cross will accept donations in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).
The new payment option is already live on the Singapore Red Cross website, enabling donors from around the world to contribute using their preferred cryptocurrencies. Donors can now send donations through the Singapore Red Cross’ website. Any crypto donations made to Singapore Red Cross will not receive 2.5x tax deduction.
Benjamin William, secretary general and CEO of Singapore Red Cross, explained the significance of accepting crypto donations: “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. Enabling cryptocurrency donations also opens more opportunities for the new generation of donors who are au fait with digital currencies to consider philanthropy and helping the vulnerable.”
Eric Barbier, CEO of Triple-A, also discussed the crypto initiative: “By partnering with the Singapore Red Cross, we’re enabling cryptocurrency donations and empowering donors to support humanitarian causes with digital assets.
“Crypto payments offer faster, more secure transactions, reduce administrative overheads, and ensure that the funds reach those in need promptly.”
Image and article originally from thefintechtimes.com. Read the original article here.