Cryptocurrency exchange Crypto.com has announced that it has signed a Memorandum of Understanding (MoU) with six major charitable organizations in Singapore.
The initiative aims to facilitate donations in digital assets, which Crypto.com will seamlessly process and convert into fiat currency on behalf of the charities.
Six charities are participating in the campaign: CARE Singapore, Cycling Without Age Singapore, Dementia Singapore, Limitless, MINDS, and The Salvation Army Singapore.
"The partnership with Crypto.com will enable the charities to safely and securely accept donations of digital assets and potentially expand their pool of sponsors and patrons to further their humanitarian causes," the exchange said in a press release.
The collaboration also aims to explore joint Web3, GenAI, and blockchain projects to address challenges facing the nonprofit sector, such as increasing transparency and cross-border payments. In addition, Crypto.com and the charities have committed to working on joint education and awareness initiatives on how artificial intelligence and blockchain technologies can transform the global philanthropic landscape.
"We know that the crypto community is extremely active and eager to make 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, CEO of Crypto.com in Singapore.
"As a company, we strongly believe in the potential of blockchain technology and artificial intelligence to deliver innovative solutions that align with our mission and make a positive impact. We are proud to work with this group of respected charities and help Singapore's non-profit sector reap the benefits of Web3 technology," he added.
The Salvation Army Singapore believes the partnership will help the charity movement move forward in today's digital world.
"This is an exciting new development for the non-profit sector to develop and adapt Web3's innovative solutions to improve access, efficiency, and security in fundraising," emphasized David R. Erickson of The Salvation Army Singapore.
"As an operating company, The Salvation Army Singapore is constantly exploring innovative solutions, and we believe that registry-based digital transactions are the future of global awareness and adoption. This technology is further supported by Singapore's well-regulated and stringent KYC and AML procedures. We are proud to partner with Crypto.com, a leader in compliance and security certification, to leverage Web3's solutions for good," he added.
The signing of the MoU took place on December 13 at the Salvation Army Fellowship Hall.
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