Dubai’s Al Jalila Foundation Becomes First Healthcare Charity to Receive Cryptocurrency Donations
According to the Dubai Media Office press release, this unprecedented initiative in the charitable sector aims to expand the Foundation’s giving channels, network and capabilities, in line with Dubai’s vision to be a leader in adoption. of advanced financial technologies and a leading center for digital assets.
Dr. Abdulkareem Sultan Al Olama, CEO of Al Jalila Foundation, said: “As a philanthropic organization, we rely on charitable giving and we are always looking for innovative ways to expand our giving channels to make it easier for donors from around the world to support our programs. Therefore, as an emerging source of fundraising, providing the opportunity for the growing number of crypto users around the world to donate to the Al Jalila Foundation for causes that matter to them is a win-win situation for us. as a foundation and for the donor community. We are proud to be the first health charity in the United Arab Emirates to accept donations in cryptocurrencies, bridging the gap between physical and digital currency.
According to Chainalysis, the Middle East is one of the fastest growing cryptocurrency markets in the world, accounting for 7% of global trading volumes. The UAE transacts approximately $25 billion worth of cryptocurrency each year and ranks third in volume in the region.
Crypto philanthropy has become an important and enduring source of fundraising for charities, providing greater opportunities for people to donate for good. Cryptocurrency is also the fastest growing method of giving for Millennials and Gen Z donors. According to research published by The Giving Block, the leading crypto philanthropy platform for organizations nonprofits and individual donors, the annual total of crypto donations in 2021 increased fifteenfold compared to 2020. Additionally, the average crypto donation was $10,455 as opposed to cash donation at $128 .
Since its inception in 2013, the Al Jalila Foundation has raised millions to deliver life-transforming healthcare programs in the areas of medical treatment, education and research.