Singapore Red Cross Accepts Crypto Donations via Triple-A Partnership
The Singapore Red Cross has partnered with Triple-A to accept donations in cryptocurrencies, including Bitcoin, Ether, Tether, and USD Coin. This move aims to attract a new generation of donors and provide them with the option of anonymous contributions. Triple-A, licensed by the Monetary Authority of Singapore, offers a payment gateway that is compatible with all wallets and provides locked-in exchange rates. Donors can pre-define an amount in fiat currency, and the system will automatically convert it into the chosen cryptocurrency. Benjamin William, the Secretary General and CEO of the Singapore Red Cross, believes that accepting digital currencies will encourage tech-savvy individuals to contribute to humanitarian causes and help the vulnerable. However, it’s important to note that crypto donations are currently not tax deductible.
Key Points:
- Singapore Red Cross now accepts crypto donations through a partnership with Triple-A.
- Donors can contribute in Bitcoin, Ether, Tether, and USD Coin.
- Triple-A is licensed by the Monetary Authority of Singapore as a Digital Payment Token Provider.
- The payment system is compatible with all wallets and offers locked-in exchange rates.
- Crypto donations are not tax deductible at the moment.
Hot Take:
The Singapore Red Cross embracing cryptocurrencies for donations is a progressive step towards engaging a tech-savvy audience and tapping into the potential of digital assets for philanthropy. By partnering with Triple-A, the organization ensures a seamless and secure donation process. While tax deductibility is currently unavailable, the acceptance of cryptocurrencies by humanitarian aid organizations sets a precedent for other nonprofits to explore this alternative form of giving. This move showcases the Singapore Red Cross’s commitment to innovation and inclusivity in fundraising, opening doors for a new generation of donors to make a difference using their digital assets.
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