Singapore Red Cross Embraces Cryptocurrency Donations

The humanitarian aid and community services charity Singapore Red Cross now accepts cryptocurrencies as a form of donation.The organization will accept donations of Bitcoin, Ether, Tether, and USD coins.

On August 7, the Singapore Red Cross announced a partnership with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore, to facilitate anonymous cryptocurrency donations.

Within one business day, all donations will be converted into fiat currency and settled via bank transfer. Benjamin William, Secretary General and Chief Executive Officer of the Singapore Red Cross, expressed his enthusiasm for 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 provides more opportunities for the new generation of donors who are familiar with digital currencies to consider philanthropy and assisting the disadvantaged,” William elaborated.

The cryptocurrency payment option is already accessible on the website of the Singapore Red Cross. In addition to four prominent digital currencies, the payment gateway provides a distinct method for donating with a Binance digital wallet.

In July, the High Court of Singapore declared cryptocurrencies to be private property, which does not fundamentally differ from fiat currency and could be classified as “things in action.”

In British common law, this term refers to a form of property over which personal rights may be asserted or enforced through legal action as opposed to physical possession.