Crypto.com’s partnership will also involve exploring collaborative Web3, GenAI and blockchain projects to tackle challenges faced by the non-profit sector, such as improving transparency and cross border payments.
Cryptocurrency exchange Crypto.com has signed a Memorandum of Understanding (MOU) with six major charities in Singapore to help facilitate the acceptance of donations in digital assets.
The exchange will facilitate the process of converting crypto donations to fiat currency on behalf of the charities. The six charities involved are CARE Singapore, Cycling Without Age Singapore, Dementia Singapore, Limitless, MINDS and The Salvation Army Singapore.
“We know that the crypto community is one that is extremely active and passionate about making a positive impact, so helping these incredible charities accept donations in digital assets will allow them to reach a new segment of tech savvy donors,” said Chin Tah Ang, General Manager, Singapore, Crypto.com.
“As a company, we strongly believe in the potential of blockchain and AI technology to deliver innovative solutions that align with our mission and make a positive impact. We are proud to work with this group of well-respected charities and help the non-profit sector in Singapore embrace the benefits of Web3 technology.”
The partnership aims to enable the charities to accept donations in digital assets safely and securely to expand their donor pools, and it also involves exploring collaborative Web3, Generative artificial intelligence (AI), and blockchain projects to tackle challenges faced by the non-profit sector, such as improving transparency and cross border payments. Furthermore, Crypto.com and the charities have also pledged to work on joint education and awareness initiatives around how AI and blockchain technology can reshape the global philanthropic landscape.
“This is an exciting new development for the non-profit sector to evolve and adapt innovative Web3 solutions to improving access, efficiency, and security in fundraising,” highlighted Major David R. Erickson, Secretary for Business Administration, The Salvation Army. “As an incumbent, The Salvation Army is continually exploring ground-breaking solutions and we believe that ledger based digital transactions is the future with increasing global awareness and adoption. The technology is further bolstered by the well-regulated and strict KYC and AML procedures in Singapore.”