Singapore Red Cross Partners with Triple-A to Accept Crypto Donations

The Singaporean Red Cross Partners with Triple-A to Accept Crypto Donations

The Singaporean branch of the Red Cross has teamed up with Triple-A, a crypto payments gateway, to enable cryptocurrency donations. Here are the key points:

– Four digital currencies are accepted: Bitcoin (BTC), Ethereum (ETH), USDT, and USDC.
– Triple-A provides a payment gateway that is compatible with all wallets and offers locked-in exchange rates.
– However, crypto donations are not tax-deductible. Users can still donate funds via their credit cards to obtain a tax deduction.
– The donations will be used to support local humanitarian work, including assisting isolated seniors, persons with disabilities, children, youth, and families in disadvantaged backgrounds.
– This is not the first time the Red Cross has ventured into the crypto world. Last year, the American Red Cross provided NFTs to help the victims of Hurricane Ian.
– The International Committee of the Red Cross is also exploring the use of blockchain technology in conflict zones.

Hot Take:

The partnership between the Singaporean Red Cross and Triple-A to accept cryptocurrency donations is a significant step forward in leveraging blockchain technology for humanitarian causes. By accepting digital currencies, the Red Cross opens up new channels for donations and potentially reaches a wider audience. It also highlights the increasing acceptance and adoption of cryptocurrencies in various sectors, including nonprofit organizations. This collaboration may pave the way for other charities to explore crypto donations in the future, ultimately benefiting those in need.