The Al Jalila Foundation, a healthcare organization in the United Arab Emirates (UAE), announced that it has been granted permission to accept digital currency and donors can now make contributions using cryptocurrency .
The Al Jalila Foundation is the first non-profit organization in the United Arab Emirates 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 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% of global trade volume.
In line with the Emirates’ objective to be a leader in the use of modern financial technologies and to present itself as a center of digital assets, AJF intends to increase donation channels, network and capacities. through 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 charitable giving and are constantly looking for innovative ways to expand our giving channels so that donors around the world can support our programs with ease and convenience.”
The bitcoin market is booming in the Gulf region. Emirates, an airline headquartered in Dubai, will apparently also start accepting cryptocurrency payments. Last month, Emirati grocery delivery website YallaMarket began accepting cryptocurrency payments.
Bybit, Crypto.com, and Kraken are among the major cryptocurrency platforms that recently announced their move to the United Arab Emirates.
BTC total market cap at $564 billion on the weekend chart | Source: TradingView.com
Emirates Third in Global Crypto Transactions
Chainalysis also revealed that the Emirates transact around $25 billion worth of cryptocurrencies per year and ranks third in volume in the region.
“We are happy to be the first health charity in the UAE to accept cryptocurrency donations, bridging the gap between real and digital money,” added Sultan Al Olama.
Alternatives for using cryptocurrency in the seven emirates that make up the United Arab Emirates are growing. According to the outlook from Visa’s Back to Business 2022 Global Study, every small business owner surveyed in the United Arab Emirates said they plan to accept some kind of digital payment in 2020, with more than a 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, the Al Jalila Foundation joins other renowned non-profit organizations, such as Save the Children, which has chosen the Cardano Foundation as its partner.
Featured image from Bloomberg.com, chart from TradingView.com
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