Al Jalila Foundation, a member of the Mohammed bin Rashid Al Maktoum Global Initiatives, has been granted approval to receive charitable crypto donations, making it the first healthcare charity in the UAE to accept donations in digital currencies.
Dr. Abdulkareem Sultan Al Olama, the CEO of Al Jalila Foundation, said: “As a philanthropic organization, 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 programs.”
According to Chainalysis, the Middle East is one of the fastest-growing cryptocurrency markets in the world, making up seven percent of global trading volumes. The UAE transacts approximately $25 billion worth of cryptocurrency each year and ranks third by volume in the region.
Partnering with a leading cryptocurrency platform, the Foundation‘s initiative is in line with Dubai’s vision to be a leader in adopting advanced financial technologies and become a prominent digital asset hub.
Cryptocurrency has also emerged as the fastest-growing donation method for millennial and Gen-Z donors. The average crypto donation stood at $10,455 as opposed to cash donation at $128. And 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 15x compared to 2020.
Dr. Abdulkareem added: “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.”
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