Singapore Red Cross has updated its portal to include cryptocurrency as an accepted form of donation.

The humanitarian services and charitable organization has partnered with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore ( MAS ), to be able to accept donations in various cryptocurrencies, including bitcoin, ethereum, tether, and USD Coin.

Crypto donations will be converted into fiat currency and settled via bank transfer within one business day, ensuring the funds are readily accessible to support the organization’s initiatives.

The payment option is now live on the Singapore Red Cross website, allowing donors from around the world to contribute using their preferred cryptocurrencies.

Benjamin William, secretary general and chief executive officer of Singapore Red Cross, says: “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 up more opportunities for the new generation of donors who are au fait with digital currencies to consider philanthropy and helping the vulnerable.”

Triple-A CEO Eric Barbier adds: “Crypto payments offer faster, more secure transactions, reduce administrative overheads, and ensure that the funds reach those in need promptly.”

Triple-A was granted a digital payment token licence by the MAS in November 2021, becoming the first standard payment institution to receive the licence.