Singapore Red Cross Now Accepts Cryptocurrency Donations

Amidst preparations for Singapore's National Day, the local humanitarian entity, Singapore Red Cross, has joined hands with Triple-A, a licensed crypto payment gateway, to introduce cryptocurrency donations as a novel form of contributing to their cause.

Singapore Red Cross has ventured into the realm of cryptocurrency donations, in collaboration with Triple-A, a crypto payment gateway sanctioned by the Monetary Authority of Singapore (MAS).

This partnership aligns with Singapore's National Day celebrations and equips the organisation with a novel avenue to receive support.

Utilizing Triple-A's crypto payment solutions, Singapore Red Cross can now seamlessly collect cryptocurrency donations from its backers.

This approach enables the organisation to extend its assistance to vulnerable individuals, particularly within Singapore, using the converted fiat currency from the crypto donations.

The conversion process is swift, with funds becoming available for the organisation's humanitarian undertakings within a single business day.

Various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC), are accepted as contributions, with Triple-A accommodating different crypto wallets.

Mr Benjamin William, Secretary General and CEO of Singapore Red Cross, emphasised the efficiency and global reach of cryptocurrency donations:

"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."

This newly adopted method welcomes tech-savvy donors who seek to contribute through their digital holdings.

The inclusion of cryptocurrency donations extends philanthropic prospects to a new generation familiar with digital currencies, thereby enhancing support for the less fortunate.

This inclusive approach enables contributors from across the globe to support their cause by utilising their preferred cryptocurrencies.

Donations can now be effortlessly made via the Singapore Red Cross website, further enriching the organisation's scope and accessibility.

According to the website, crypto donations will not receive the 2.5x tax deduction alloted for Singaporeans.