Crypto.com, which claims to be “trusted” by more than 80 million customers worldwide and says it is the supporter of regulatory compliance, security and privacy, signed a Memorandum of Understanding (MOU) with six major charities in Singapore in order “to help facilitate the acceptance of donations in digital assets, which Crypto.com will seamlessly process and convert 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.”
A partnership with Crypto.com would enable “the charities to accept donations in digital assets safely and securely and potentially expand donor pools to further advance their humanitarian causes and help the vulnerable.”
The 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.”
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.”
Chin Tah Ang, General Manager, Singapore, Crypto.com, said:
“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. 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.”
One of the prominent partners, The Salvation Army, who “have just celebrated their 88th anniversary of doing good in Singapore in 2023, have been investing in strategic partnerships, sustainable developments, and digital transformative initiatives. It is with great anticipation that the partnership will bring the organisation forward in tackling the changing digital landscapes, challenges with governance, and fundraising in the non-profit sector.”
Major David R. Erickson, Secretary for Business Administration, The Salvation Army, sad:
“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. 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. We are proud to be able to journey with Crypto.com, the leader in regulatory compliance and security certifications, in leveraging Web3 solutions to do good.”
The MOU signing took place on 13 December at The Salvation Army Fellowship Hall, and was witnessed “by Singapore Fintech Association President Shadab Taiyabi, as well as representatives from the six charities and Crypto.com.”