Singapore Red Cross Accepts Crypto Donations: Is This The Future of Philanthropy?

The Singapore Red Cross, a charity dedicated to humanitarian aid and community services, has expanded its donation methods to include cryptocurrency.

Donors can now contribute using Bitcoin (CRYPTO: BTC), Ether (CRYPTO: ETH), Tether (CRYPTO: USDT), and USD Coin (CRYPTO: USDC).

On Aug. 7, the charity revealed its collaboration with Triple-A, the first cryptocurrency payment gateway sanctioned by the Monetary Authority of Singapore.

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This partnership facilitates the provision of anonymous crypto donations.

These contributions will be promptly exchanged into traditional currency and transferred to the organization's bank account within a day.

“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," Singapore Red Cross CEO Benjamin William said. "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."

Cryptocurrency donations are now active on the Singapore Red Cross's official website.

In addition to the four major digital currencies, there's a distinct feature for contributions via the Binance digital wallet.

Singapore's High Court recently recognized cryptocurrency as private property. This ruling equates digital currency with traditional money, categorizing it under “things in action” in British common law.

This classification implies that rights over such property can be legally asserted or defended without physical possession.

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Image: Singapore Red Cross