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Cryptocurrency payments have been increasingly widespread in recent years, with their use spreading to nearly every market. A use case of cryptocurrencies that has seen particular growth is in crypto donations and the Singapore Red Cross has now taken the plunge.
Singapore Red Cross Taking Crypto Donations
The Singapore Red Cross is the latest to jump on the crypto bandwagon as the homegrown humanitarian organization recently partnered with Triple-A, allowing donors to contribute Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC).
The country’s Red Cross Society is looking to capitalize on crypto adoptions by partnering with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore (MAS).
The Singapore Red Cross received more than $4.5 million in donations in 2022. However, by accepting BTC, ETH, USDT, and USDC, the humanitarian organization is opening itself up to donations from people across the globe.
“By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets,” said Benjamin William, Secretary General and CEO of the Singapore Red Cross. “Enabling cryptocurrency donations also opens more opportunities for the new generation of donors who are au fait with digital currencies to consider philanthropy and helping the vulnerable.”
This is not the first time a Red Cross society will accept cryptocurrency donations, as the American and British counterparts already accept crypto donations. However, unlike US donors, donors to the Singapore Red Cross do not receive tax deductions, and all donations received will be converted to fiat currency within one business day.
Total market cap falls to $1.121 trillion | Source: Crypto Total Market Cap on Tradingview.com
Crypto adoption in Singapore is one of the highest in the Asia-Pacific region. According to a report, over half of Singapore’s Gen X members invest in cryptocurrencies. Another similar study done by Statista showed that around 19% of people in Singapore own crypto, higher than the global average of 15%. More than 31% of respondents also indicated that they owned Bitcoin, one of the highest in the world.
The Rise of Crypto Philanthropy
Crypto philanthropy has steadily grown over the past few years. Major organizations like the American Red Cross, and St. Jude Children’s Research Hospital now take crypto donations. Crypto donations, in particular, have contributed a significant part of humanitarian efforts in the Ukraine war, with the country receiving more than $212 million worth of crypto.
A 2022 report found that USDC, USDT, and Ethereum are the most popular cryptocurrency used for donations. With the improved infrastructure to accept and manage crypto donations, charitable giving is expected to become more mainstream, reaching $10 billion by November 2032.
Featured image from Financial Times, chart from Tradingview.com
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