Al Jalila Foundation, a member of the Mohammed bin Rashid Al Maktoum Global Initiatives, on Friday announced that it has been granted approval to receive charitable donations in cryptocurrencies, making it the first healthcare charity in the UAE to accept donations in digital money.
The foundation also announced that it has partnered with a leading cryptocurrency platform.
“As a philanthropic organisation we rely on charitable donations and 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 programmes,” Dr. Abdulkareem Sultan Al Olama, CEO of Al Jalila Foundation, said.
“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.”
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.
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 programmes in the areas of medical treatment, education and research