Singapore Red Cross, a renowned humanitarian organization, has taken a progressive step by incorporating cryptocurrency as an accepted form of donation. This initiative was launched on August 7 in collaboration with Triple-A, the inaugural crypto payment gateway licensed by the Monetary Authority of Singapore (MAS). This partnership was announced before Singapore’s National Day, marking a significant milestone in the charity’s fundraising efforts.
Through Triple-A’s advanced white-label crypto payment solutions, Singapore Red Cross can now seamlessly accept cryptocurrency donations from its global supporters. This move aims to bolster humanitarian services, especially for the vulnerable communities within Singapore.
To ensure swift utilization of the funds for humanitarian endeavors, all cryptocurrency donations will be converted into fiat currency and transferred to the organization’s bank account within a single business day. The accepted cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC). In addition, the integration process has been streamlined, with all crypto wallets being compatible with Triple-A’s system.
The rationale behind the move and its implications
Mr. Benjamin William, the Secretary-General and CEO of the Singapore Red Cross, expressed his enthusiasm for this new donation avenue. He highlighted the growing popularity of cryptocurrency donations, attributing it to the efficiency and global accessibility of such transactions. “By embracing digital currencies, we are reaching out to a tech-savvy donor segment eager to contribute through their digital assets,” William stated.
He further emphasized that this initiative would inspire the younger generation, familiar with digital currencies, to consider philanthropy and support vulnerable populations.
Mr. Eric Barbier, CEO of Triple-A, echoed these sentiments, expressing his honor in partnering with Singapore Red Cross. He emphasized the advantages of crypto payments, such as faster transaction times, enhanced security, reduced administrative overheads, and ensuring timely fund delivery to beneficiaries.
“We’re honored to partner with the Singapore Red Cross in 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.”
Mr Eric Barbier, CEO of Triple-A
The integration of cryptocurrency donations is already operational on the Singapore Red Cross website. This facilitates donors worldwide to contribute using their preferred cryptocurrencies. Additionally, the payment gateway has introduced a specialized solution for donations from the Binance digital wallet.
