Al Jalila Foundation has become the first healthcare charity in the UAE to accept donations in cryptocurrency.
The move is aimed at expanding the non-profit organisation's donation channels, network and capabilities in line with Dubai’s vision in adopting advanced financial technologies.
Dr. Abdulkareem Sultan Al Olama, CEO of Al Jalila Foundation, highlighted how it will go a long way in "bridging the gap between physical and digital currency".
"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," he added.
The organisation, which is also a member of the Mohammed Bin Rashid Al Maktoum Global Initiatives, has also partnered with a leading cryptocurrency platform.
According to Chainalysis, the Middle East is one of the fastest-growing cryptocurrency markets in the world, making up seven per cent of global trading volumes. The UAE transacts approximately $25 billion worth of cryptocurrency each year and ranks third by volume in the region.
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 organisations 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.
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