The Al Jalila Foundation announced that it has partnered with a leading cryptocurrency platform. Al Jalila Foundation a non-profit healthcare organization and member of the Mohammed Bin Rashid Al Maktoum Global Initiatives has been approved to receive charitable donations in cryptocurrencies, making it the first healthcare charity in the UAE to accept donations in digital money. This 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.
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. Crypto philanthropy has emerged as an important and sustainable source of fundraising for charities, giving people greater opportunities to donate for good.
“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”, said Dr. Abdulkareem Sultan Al Olama, CEO of Al Jalila Foundation “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 a study published by The Giving Block, the leading crypto philanthropy platform for non-profit organizations 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 programs in the areas of medical treatment, education, and research.
Dubai issued the Regulation of Virtual Assets law and established the Dubai Virtual Assets Regulatory Authority in March, aiming to establish a legal framework for businesses in the virtual assets space. Virtual assets are digital representations of value that can be traded, transferred, or used as a form of payment. These include cryptocurrencies and non-fungible tokens (NFTs).