In recent years, digital assets like Bitcoin and Ethereum have become household names, gaining significant adoption in the charitable sector. In a recent announcement, the Singapore Red Cross, a well-established homegrown humanitarian organization, is setting a new high in the charitable sector by accepting cryptocurrency donations. In collaboration with Triple-A, the pioneering crypto payment gateway licensed by the Monetary Authority of Singapore (MAS), the Singapore Red Cross is set to make a significant impact ahead of Singapore’s National Day.
Singapore Opens The Door To A New Sector
The Singapore Red Cross has made an announcement, opening its doors to cryptocurrency donations. In a statement released today, the esteemed humanitarian organization unveiled its partnership with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore (MAS).
This collaboration marks a significant milestone, as it allows the Singapore Red Cross to utilize the power of digital assets for its charitable endeavors. With Triple-A’s cutting-edge white-label crypto payment solutions, the Singapore Red Cross now opens its doors to cryptocurrency enthusiasts and tech-savvy donors who wish to contribute to their noble cause.
Supporters of the Singapore Red Cross can now donate in a range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC). Triple-A ensures that all crypto wallets are supported, making the process seamless and accessible to donors from various blockchain networks.
Mr. Benjamin William, Secretary General and CEO of the Singapore Red Cross, said, “Cryptocurrency donations have become increasingly popular due to the efficiency of processing them and their global accessibility. 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.”
Donations Have Now Become Rapid And Efficient
Cryptocurrencies empower donors with greater control over their contributions. Unlike traditional financial systems, where intermediaries oversee transactions, crypto donations enable direct peer-to-peer transfers. This transparency brings trust between donors and charitable organizations, assuring contributors that their funds are being used efficiently for the intended humanitarian initiatives.
The Singapore Red Cross website now features a crypto payment option, providing users with the convenience of contributing using popular digital currencies. Additionally, the payment gateway includes a dedicated solution for donations made directly from the Binance digital wallet.
Mr. Eric Barbier, CEO of Triple-A, said, “We’re honoured to partner with the Singapore Red Cross in enabling cryptocurrency donations and empowering donors to support humanitarian causes with digital assets. Crypto payments offer faster, more secure transactions, reduce administrative overheads, and ensure that the funds reach those in need promptly.”
On July 25, Judge Philip Jeyaretnam of the High Court of Singapore ruled that cryptocurrency is considered property capable of being held in trust. He stated that there is no distinction between crypto, fiat money, or other objects in terms of value created by mutual faith in them.
The ruling came in response to a case brought by Bybit against its former employee, Ho Kai Xin. Bybit accused Ho of transferring approximately 4.2 million Tether USDT from the crypto exchange to her private accounts. The court has now ordered Ho to return the money to Bybit, despite her claim that a non-present cousin controlled the relevant accounts.
