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Singapore Red Cross embraces crypto donations in partnership with Triple-A

Singapore

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TL;DR

  • he Singapore Red Cross has partnered with Triple-A, a licensed crypto payment gateway, to accept cryptocurrency donations, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).
  • This initiative aims to reach tech-savvy donors and inspire the younger generation to support vulnerable populations, with all crypto donations being converted to fiat currency within one business day.
  • The integration, which is already operational on the Singapore Red Cross website, signifies a progressive step in the intersection of philanthropy and digital finance, setting a precedent for global charitable entities.

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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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