Dubai: Al Jalila Foundation, a nonprofit healthcare organisation dedicated to transforming lives through medical innovation, and 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.
Al Jalila Foundation also announced that it has partnered with a leading cryptocurrency platform.
Accordign to Dubai Media Office press release, the unprecedented move in the charity sector aims 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.
Innovative ways
Dr Abdulkareem Sultan Al Olama, CEO of Al Jalila Foundation, said: “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. 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.”
Fastest growing market
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.
Cypto philanthropy
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.
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.
