On Monday, August 7, the Singaporean Red Cross introduced a new donation option. The nonprofit organization confirmed that it will start to accept crypto donations.
Speaking at the local news outlet, the Red Cross team urged the Singaporean residents to donate their crypto assets to the humanitarian aid program. The report demonstrated that the Red Cross would accept Bitcoin, Ethereum, Tether, and USD Coin donations.
Red Cross Accepts Crypto Donations
The launching of the new donation method compelled Red Cross to pursue a strategic partnership with a Singaporean-crypto payment platform Triple-A. Under the partnership agreement, Triple-A will support Red Cross in accepting crypto donations.
After receiving the donation, Triple-A and Red Cross will directly convert the crypto assets to fiat currency. The partners intend to involve bank transfers to make the crypto settlement within a day.
An announcement conveyed by the secretary general of Red Cross Singapore, Benjamin William, argued that the new donation method would enable the crypto-savvy community to join other donors in improving the well-being of vulnerable communities.
William admitted that the Red Cross’ latest development opens up a new segment of donors which will involve crypto investors. The executive anticipates that integrating crypto donations will significantly benefit the NGO.
He believes that the NGO will tap endless opportunities through crypto donations. The executive anticipates through crypto donation more people will be motivated to support vulnerable communities.
Rise of Crypto Fundraising Projects
In a separate report, the chief executive of Triple-A, Eric Barbier, expressed delight to collaborate with Red Cross in its humanitarian projects. The CEO stated that the partnership with the NGO aimed at attaining the objectives of crypto-related donations and empowering the community.
In his report, Barbier reaffirmed that the adoption of crypto assets ensures fast and secure payment. He added that through crypto donations, funds would be wired to the victims quickly at a low cost.
As of this publication, the NGO has integrated that crypto payment option on the Red Cross website. The NGO has also activated the Binance payment platform to enable the user to make payments more effortlessly.
Recently humanitarian organizations have leveraged crypto and blockchain technology in providing aid and protecting the lives of individuals struck by natural disasters. In 2022 the number of nonprofit organizations accepting crypto payments drastically increased.
A recent study by the Giving Block revealed in 2030, crypto donations will reach $10 billion. It implies that most NGOs will shift to crypto fundraising in the next decade.
Led by the best-performing crypto exchange and key investors, multiple NGOs received substantial amount of digital assets for supporting victims struck by the earthquake in Turkey-Syria.
On February 13, the inventor of Ethereum, Vitalik Buterin, donated $227,000 in Ether (ETH) to the earthquake victims. Before this, well-wishers worldwide sent measurable tokens to support the Ukrainians after the Russian invasion.
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