Crypto Adoption: Singapore Red Cross To Accept BTC, ETH, USDT, And USDC
August 07 2023 - 2:00PM
NEWSBTC
Cryptocurrency payments have been increasingly widespread in recent
years, with their use spreading to nearly every market. A use case
of cryptocurrencies that has seen particular growth is in crypto
donations and the Singapore Red Cross has now taken the plunge.
Singapore Red Cross Taking Crypto Donations The Singapore Red Cross
is the latest to jump on the crypto bandwagon as the homegrown
humanitarian organization recently partnered with Triple-A,
allowing donors to contribute Bitcoin (BTC), Ether (ETH), Tether
(USDT), and USD Coin (USDC). The country’s Red Cross Society
is looking to capitalize on crypto adoptions by partnering with
Triple-A, the first crypto payment gateway licensed by the Monetary
Authority of Singapore (MAS). Related Reading: Curve Finance
Announces $1.85 Million Bounty For Stable Pool Exploiter The
Singapore Red Cross received more than $4.5 million in donations in
2022. However, by accepting BTC, ETH, USDT, and USDC, the
humanitarian organization is opening itself up to donations from
people across the globe. “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,” said
Benjamin William, Secretary General and CEO of the Singapore Red
Cross. “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 is not the first time a Red Cross society will
accept cryptocurrency donations, as the American and British
counterparts already accept crypto donations. However, unlike US
donors, donors to the Singapore Red Cross do not receive tax
deductions, and all donations received will be converted to fiat
currency within one business day. Total market cap falls to $1.121
trillion | Source: Crypto Total Market Cap on Tradingview.com
Crypto adoption in Singapore is one of the highest in the
Asia-Pacific region. According to a report, over half of
Singapore’s Gen X members invest in cryptocurrencies. Another
similar study done by Statista showed that around 19% of people in
Singapore own crypto, higher than the global average of 15%. More
than 31% of respondents also indicated that they owned Bitcoin, one
of the highest in the world. The Rise of Crypto Philanthropy Crypto
philanthropy has steadily grown over the past few years. Major
organizations like the American Red Cross, and St. Jude Children’s
Research Hospital now take crypto donations. Crypto donations, in
particular, have contributed a significant part of humanitarian
efforts in the Ukraine war, with the country receiving more than
$212 million worth of crypto. Related Reading: Ethereum ETF Race
Gets Hotter As SEC Receives 11 Filings In One Week A 2022 report
found that USDC, USDT, and Ethereum are the most popular
cryptocurrency used for donations. With the improved infrastructure
to accept and manage crypto donations, charitable giving is
expected to become more mainstream, reaching $10 billion by
November 2032. Featured image from Financial Times, chart
from Tradingview.com
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