- Al Jalila Foundation receives a permit to accept donations in crypto.
- This is the first charitable foundation in UAE to accept crypto donations.
- Reports state that millennials and Gen Z prefer crypto donation over cash.
Al Jalila Foundation, a Dubai-based non-profit healthcare organization and member of the Mohammed Bin Rashid Al Maktoum Global Initiative, has received approval to accept charitable donations in cryptocurrencies, becoming UAE’s first healthcare charity to accept donations in virtual money. The foundation has also partnered with a leading crypto platform in this regard.
Al Jalila Foundation Becomes First Healthcare Charity in UAE to Receive Donations in Cryptocurrency#HopeUAE #AlJalilaFoundation@aljalilauae @MBRInitiatives pic.twitter.com/gxrIaKIzeJ— UAE Forsan (@UAE_Forsan) June 3, 2022
UAE is one of the fastest-growing crypto markets in the world which makes up to 7% of the global trading volume, as stated by Chainalysis. Therefore, In line with the UAE’s vision to be the frontrunner in the adoption of advanced financial technologies and to promote itself as a digital asset hub, Al Jalila Foundation aims to expand the donation channels, network, and capabilities through this integration.
Of late, crypto philanthropy has emerged as a significant and sustainable source for charity fundraisers, especially among Gen-Z and Millennial donors. Based on a study published last year by The Giving Block, a crypto philanthropy platform for donors, the annual crypto donation in 2021 surged by over 15% as compared to 2020. Moreover, the average crypto donation raised $10,455 as against cash donations of $128.
The CEO of Al Jalila Foundation, Dr. Abdulkareem Sultan Al Olama, mentioned, “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.”
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.
The foundation has always been working towards raising funds to deliver life-transforming healthcare programs in the realm of medical treatment, education, and research since 2013. With this development, Dr. Olama expects donors from across the globe to step forward since the number of crypto users is ever-increasing.