Al Jalila Foundation, a Dubai-based non-government organization (NGO), has received approval to accept charitable donations in cryptocurrencies, becoming UAE’s first healthcare charity accepting donations in crypto. The NGO is also a member of the recently created the Mohammed Bin Rashid Al Maktoum Global Initiative. The foundation has already partnered with a leading crypto platform on this matter. As the recent stay revealed, millennials and Gen Z prefer crypto donation over cash.
According to Chainalysis, the UAE is one of the fastest-growing crypto markets in the world which makes up to 7% of the global trading volume. Therefore, In line with the UAE’s vision to be the frontrunner in the adoption of advanced financial technologies and to promote itself as a digital asset hub, Al Jalila Foundation aims to expand the donation channels, network, and capabilities through this integration.
Lately, crypto philanthropy has emerged as a significant and sustainable source for charity fundraisers, especially among Gen-Z and Millennial donors. Based on a study published in 2021 by The Giving Block, a crypto philanthropy platform for donors, the annual crypto donation in 2021 surged by over 15% as compared to 2020. Moreover, the average crypto donation raised $10,455 as against cash donations of $128.
“We are always seeking innovative ways to expand our donation channels for ease of convenience for donors from all around the world to support our programs,” said Dr. Abdulkareem Sultan Al Olama, the CEO of Al Jalila Foundation.
“We are proud to be the first healthcare charity in the UAE to accept donations in cryptocurrencies bridging the gap between physical and digital currency.”
Since 2013, the foundation has always been working towards raising funds to deliver life-transforming healthcare programs in the realm of medical treatment, education, and research. With this development, Dr. Olama expects donors from across the globe to step forward since the number of crypto users is ever-increasing.
Charities can greatly benefit from understanding blockchain. In addition to the ease, transparency, and speed of transactions, there are many benefits for charities to hold cryptocurrencies in their portfolios, and DeFi can crack open a new type of earning potential for charities. DeFi is changing the way the sector operates to make giving to charities easier, suggests George Harrap of Cointelegraph.