Singapore Red Cross Accepts Crypto Donations Through Partnership with Triple-A
The Singapore Red Cross, a humanitarian aid and community services charity, has partnered with crypto payment gateway Triple-A to allow individuals to contribute to its cause through donations in digital currencies. Here are the key points:
– Individuals can set an amount in fiat, which will be automatically converted into cryptocurrencies including Bitcoin, Ethereum, USDT, and USDC.
– The organization accepts any of the cryptocurrencies mentioned above and does not have a preferred cryptocurrency.
– Contributions made through crypto are not currently tax-deductible, and individuals seeking tax benefits should donate via credit card.
– The donations will support the charity’s efforts in improving the welfare of children, isolated seniors, persons with disabilities, and disadvantaged families.
– The Singapore Red Cross encourages people to “coin a new way to give today” and emphasizes that every contribution will make a significant impact.
Other Charity Organizations Embracing Crypto Donations
The Nicklaus Children’s Hospital Foundation in Florida started accepting crypto contributions in October 2021, allowing people to donate using assets such as BTC, ETH, BCH, LTC, and DOGE. Here are more examples:
– The Susan G. Komen organization, dedicated to breast cancer research, collaborated with The Giving Rock to enable donations in over 50 cryptocurrencies.
– The National Children’s Advocacy Center in Huntsville, Alabama, became the first non-profit in the area to accept crypto donations in November 2022. Over 90 supported coins are eligible for tax benefits.
– Crypto-project Coordinator Hannah Alderson stated that crypto donations can be equated to cash donations, which directly support therapy hours, parenting classes, medical examinations, and hope for children who have been victims of abuse.
Hot Take
The acceptance of cryptocurrencies by charitable organizations is an encouraging trend that allows for faster, more secure, and transparent donations. By embracing digital currencies, these organizations open up new avenues for contributions and attract a tech-savvy audience passionate about supporting meaningful causes. However, the issue of tax deductions for crypto donations remains a challenge that needs to be addressed to incentivize more individuals to contribute through these means.
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