Singapore Red Cross now accepts crypto donations
Singapore’s Red Cross charity now accepts donations in the form of crypto thanks to a recent integration with licensed crypto payment gateway Triple-A.
Supported cryptocurrencies include bitcoin (BTC), ether (ETH), and stablecoins tether (USDT) and Circle’s USD Coin (USDC), according to a press release.
“Powered by Triple-A, payment is compatible with all wallets and provides locked-in exchange rates. You can pre-define an amount (in fiat) that you would like to give and the system will automatically do the conversion for you,” Singapore Red Cross explained.
Secretary General and CEO of Singapore Red Cross Benjamin William said accepting cryptocurrency opens up opportunities for a “new generation of donors” to help the vulnerable.
“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,” William said in a statement.
Other divisions of the Red Cross also accept crypto as well. The American Red Cross accepts crypto through BitPay, for instance.
Triple-A, which is incorporated in Singapore, has been sanctioned as a Digital Payment Token provider by the Monetary Authority of Singapore since Nov. 30, 2021, making it a longtime regulated firm in the city state.
It beat out big companies like Circle for licensing, which was pre-approved in November 2022 and fully approved as a major payment institution in June 2023.
Triple-A also accepts all existing crypto wallets, according to its website, simplifying the process for crypto holders to send money to the Singapore Red Cross.
The Singapore Red Cross also clarified that unlike fiat donations, donations with cryptocurrency are not tax-deductible at the moment. However, donating via a credit card is a surefire way to get a tax benefit.
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