Dubai: UAE-based charity organization for promoting medical education and research, Al Jalila Foundation, has become the 1st healthcare charity in the country to accept donations in digital money after acquiring necessary approvals.
The Foundation, a part of the Mohammed bin Rashid Al Maktoum Global Initiatives, revealed that it is collaborating with a leading cryptocurrency platform to support such transactions.
This 1st-of-its-kind move in the sector is expected to expand the Foundation’s donation channels, network and capabilities in line with Dubai’s vision to be a leader in adopting advanced financial technologies and a prominent digital asset hub.
The Al Jalila Foundation CEO elaborated that, “Therefore, as an emerging source of fundraising, providing the opportunity to the growing number of crypto users around the world to donate to Al Jalila Foundation to causes that interest them is a win-win for us as a foundation and the donor community. 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.”
As per leading blockchain data platform Chainalysis, the Middle East is one of the fastest-growing cryptocurrency markets in the world, making up 7 percent of global trading volumes. The UAE transacts approximately $25 billion worth of cryptocurrency each year and ranks 3rd by volume in the region.
PHILANTHROPY WITH CRYPTOCURRENCY
Crypto philanthropy has emerged as an important and sustainable source of fundraising for charities, giving people greater opportunities to donate for good.
Cryptocurrency is also the fastest growing donation method for Millennial and Gen-Z donors.
According to a study published by The Giving Block, the leading crypto philanthropy platform for nonprofit organizations and individual donors, total yearly crypto donations in 2021 soared over fifteen times compared to 2020. Furthermore, the average crypto donation stood at $10,455 as opposed to cash donation at $128.
Since its inception in 2013, Al Jalila Foundation has raised millions to deliver life-transforming healthcare programs in the areas of medical treatment, education and research.