Humanitarian aid and community services charity, Singapore Red Cross, included cryptocurrency as a newly-accepted form of donation. The organization will accept Bitcoin, Ether, Tether and USD Coin donations.
On August 7, Singapore Red Cross announced its partnership with the first crypto payment gateway licensed by the Monetary Authority of Singapore, Triple-A, to enable the option of anonymous donations in crypto. All donations will be converted into fiat currency and settled via bank transfer within one business day.
Benjamin William, Secretary General and CEO of the Singapore Red Cross shared his enthusiasm toward the new segment of tech-savvy donors:
“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.”"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," William further explained.
The crypto payment option is already available on the Singapore Red Cross website. Along with four popular digital currencies the payment gateway offers a separate solution for donating from Binance digital wallet.
Related: Singapore to require crypto firms to put user assets into trusts by year-end
In July, the High Court of Singapore declared crypto a private property, which doesn’t differ in principle from fiat money and could be classified in the category of “things in action.” In British common law, that means a type of property over which personal rights could be claimed or enforced by legal action, not by taking physical possession.
Magazine: Deposit risk. What do crypto exchanges really do with your money?
