Singapore Red Cross, a charitable organization dedicated to humanitarian aid and community services, has opened up the option for people to donate using digital currencies, forging a partnership with the crypto payment gateway Triple-A.
Through this collaboration, individuals can now contribute to the charity‘s cause through donations in digital currencies. Donors can specify an amount in fiat currency, which will then be automatically converted into the chosen cryptocurrency. The organization has enabled the acceptance of major digital assets by market capitalization, including Bitcoin (BTC), Ethereum (ETH), USDT and USDC.
Singapore Red Cross clarified that it does not favor any specific cryptocurrency and is open to receiving any of the aforementioned digital currencies.
However, it’s important to note that contributions made in this manner are not currently eligible for tax deductions. Those seeking tax benefits should consider making their donations through credit card payments.
The organization emphasized that each cryptocurrency donation will be directed towards its humanitarian efforts, focusing on enhancing the well-being of various marginalized groups, including children, isolated seniors, individuals with disabilities, and disadvantaged families.
The initiative was summed up with the phrase, “Coin a new way to give today, your support will go a long way.”
This move by Singapore Red Cross follows in the footsteps of other charitable organizations that have embraced cryptocurrency donations.
For instance, in October 2021, the Nicklaus Children’s Hospital Foundation, a non-profit based in Florida, began accepting donations in various cryptocurrencies such as BTC, ETH, BCH, LTC, and DOGE.
Similarly, renowned organizations like Susan G. Komen and the National Children’s Advocacy Center have also ventured into accepting cryptocurrency donations. The former partnered with The Giving Rock to facilitate contributions in over 50 cryptocurrencies, while the latter, located in Huntsville, Alabama, became the first non-profit in the area to embrace such donations in November 2022. Donors to these organizations who opt for cryptocurrency donations can also avail of tax benefits.
Hannah Alderson, the Crypto-project Coordinator, highlighted the positive impact of these contributions, explaining that they translate into tangible benefits such as therapy hours for children, parenting classes, medical examinations, hope, healing, and justice for children who have suffered from neglect or abuse.
Image Credit: Shutterstock
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