UAE Charity Foundation Becomes 1st In Gulf Region To Accept Donations In Crypto
Al Jalila Foundation, a healthcare organization in the United Arab Emirates (UAE), has announced that it has been granted permission to accept digital currency and that donors can now make contributions using cryptocurrency.
Al Jalila Foundation is the first non-profit organization in the UAE to accept cryptocurrency. Al Jalila is part of the Mohammed Bin Rashid Al Maktoum Global Initiative and is headquartered in Dubai.
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UAE Among The World’s Fastest-Growing Crypto Hubs
According to Chainalysis, the UAE is one of the fastest-growing crypto markets in the world, accounting for up to 7 percent of the global trade volume.
In accordance with the Emirates’ objective to be a leader in the use of modern financial technologies and to market itself as a digital asset hub, AJF intends to increase the donation channels, network, and capacities via this integration.
The foundation’s CEO, Abdulkareem Sultan Al Olama, commented on the expansion of the organization’s donation channels:
“As a philanthropic organization, we rely on charity donations and are constantly seeking innovative methods to expand our donation channels so that donors from all around the world can support our programs with ease and convenience.”
The bitcoin market is booming in the Gulf area. Emirates, an airline headquartered in Dubai, will apparently also begin taking cryptocurrency payments. Last month, the Emirati grocery delivery website YallaMarket began accepting cryptocurrency payments.
Bybit, Crypto.com, and Kraken are among the prominent cryptocurrency platforms that have lately announced moves to the UAE.
BTC total market cap at $564 billion on the weekend chart | Source: TradingView.com
The Emirates Third In Global Crypto Transactions
Chainalysis also disclosed that the Emirates transacts around $25 billion worth of cryptocurrencies annually and ranks third by volume in the region.
“We are happy to be the first healthcare charity in the UAE to accept cryptocurrency donations, bridging the gap between real and digital cash,” Sultan Al Olama added.
Alternatives for utilizing cryptocurrency in the seven emirates that comprise the UAE are expanding. According to Visa’s Back to Business Global Study 2022 Outlook, every small business owner asked in the UAE said they planned to take some kind of digital payment in 2020, with over one-third (35%) indicating a desire to accept cryptocurrencies such as bitcoin.
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According to a study conducted by YouGov last month, 15% of UAE residents had owned, purchased, or paid using cryptocurrencies in the past three months.
With its decision to accept cryptocurrencies, Al Jalila Foundation joins other renowned nonprofits, such as Save the Children, which chose the Cardano Foundation as its associate.
Featured image from Bloomberg.com, chart from TradingView.com