Introduction
Institutional adoption of cryptocurrencies and blockchain technology continue to grow from strength to strength. Many organizations have now found that cryptocurrencies have a huge role to play in modern payment systems. The British Red Cross is another big organization that recently showed trust in crypto payments. It recently announced in a post on X that it now accepts crypto donations.
This move by the British Red Cross is a huge one, signaling to the global human society that crypto is stepping up its quest for mass adoption. The International humanitarian crisis happening in various parts of the world would appreciate any and all forms of monetary donations. This move to include and accept crypto donations would create another channel to increase the number of users donating to help manage crisis around the world through the British Red Cross.
How to Donate crypto
The British Red Cross has created a dedicated web page for crypto donations. On this page, you have some important information as regards making donations in crypto. To begin, many cryptos are accepted as donations including Bitcoin, Ethereum, USDC, Bitcoin Cash, Doge coin, Shiba Inu, and many other cryptos. It is up to the donor to decide which cryptos to send.
It is important to specify where the donations should be channeled - the Impact Area. Number one is the General Fund. If this option was chosen, the British Red Cross would use the donation to assist wherever there is the biggest need or immediate crisis. And donations that are not specific to any Impact Area are also sent to the General Fund.
The next Category to donate to is the Israel-OPT appeal. This donations would be used to help victims of the ongoing crisis due to the war between Israel and Gaza. Here is what the Red Cross has to say about this donation for this mission:
The Israel and Occupied Palestinian Territory Appeal will support people in areas currently affected and those potentially affected in the future by the crisis. In the unlikely event that we raise more money than can be reasonably and efficiently spent, any surplus funds will be used to help us prepare for and respond to other humanitarian disasters anywhere in the world source
The Emergencies Fund category is used to support people that are suffering as a result of natural or man-made disasters such as the effects of war, flooding, social unrest and other emergencies. This fund is used to respond to the needs of people in emergencies that have happened right now and others that will still happen.
Donors should be fully aware of each category or mission and select accordingly when making their crypto donations. In addition to choosing where their donations would be spent, it is also important to know that there is a processing fee attached to each donation. A third party is handling the crypto donations processing, hence, the processing fees. Lets talk about that.
Network fees for donations
Your crypto donations need to be converted to fiat which is what the Red Cross actually needs to support victims of crisis. In order to do this one, they gave partnered with Giving Block who will be responsible for accepting and processing the donations on behalf of Red Cross. Germini wallet is being used to accept the crypto donations. So the processing fee would go to Giving Block and Germini as partners to Red Cross for crypto donations.
Processing fees are not charged separately. So while making crypto donations, it would be important to factor in the processing fee which would be deducted from the donation. Depending on the amount donated, the process fee would be less than 4% of the donated amount.
For donations more than $1,000,000, a processing fee of 1% would be deducted. Donations of $100,000 to $1,000,000 would attract a processing fee of 1.9% of the amount. Donations between $25,000 and $100,000 would require 2.9% processing fee. 3.9% processing fee would be charged on donations less than $25,000.
The British Red Cross would like to conduct some form of KYC on donations that are above £5,000. So here is what would be required for anyone that wishes to donate in excess of £5k.
If you’d like to donate £5,000 or more, please email your name and donation amount to [email protected] as we must carry out ethical screening and due diligence checks before accepting your donation. We cannot accept crypto donations of £5000 or more which do not pass these checks. source
Crypto is great for charitable courses
If there is one sector that needs to embrace crypto fully, it would be organizations that are into charity. What the British Red Cross has done is a great example for the rest. The potentials for accepting crypto donations are simply endless. Consider the following benefits.
- Inclusive Giving: Imagine being able to let people from all over the world support those in crisis through their financial donations. There is no other universal currency that could make it possible except cryptocurrencies. The Red Cross would now be capable of accepting donations beyond all borders without breaking a sweat.
Crypto will facilitate inclusive giving as anyone could donate for a humanitarian course without any limitations. Crypto is the universal currency of the world.
More Donations: When more people are allowed to donate, then more funds would be received. The crypto sector is huge and ever-growing. It is also filled with users that are willing to support a noble course. All these large number of people now have the opportunity to significantly increase donated funds when they give in crypto.
Impactful giving: One of the best way to ensure that your donation reaches the intended victims is through crypto donations. The blockchain data is immutable. All donations are permanently recorded in a blockchain ledger and can be audited. Hence, donations are not in any danger of being diverted for uses other than what they are intended for. This is a huge problem in charitable giving. Sometimes, the recipients receive little or nothing from the donated funds because of fraudulent middlemen. Crypto would solve that.
Finally
If you would like to donate crypto to the British Red Cross, then why not. You can follow the link below after you have done your own research. This post is not for endorsement.
thumbnail from pixabay
Posted Using InLeo Alpha
It's so encouraging to see charities embracing crypto donations. It opens up giving to more people globally, ensuring donations reach those in need efficiently and transparently. I'm so glad to see this happening and it will also help the crypto industry since more people would have to get crypto to donate it
This is a game-changer. And coming from the Red Cross which is an international organization? Its something really welcomed especially for its millions of donors. They will have this opportunity to learn about crypto. Institutional adoption will play a great role in mass adoption. And all the other benefits of crypto donation are well-known here.
You're absolutely right on that big bro... Institutional Adoption could be the main thing.... I'm also hoping Trump wins and keeps his word on being crypto president favoring crypto
Sure. These institutions have a large following. Once they come in, a lot of people would definitely get to know crypto through them.
This is interesting, am just hearing this for the first time.
This will help everyone who really want to donate once you have a digital wallet there is nothing to worry about, and the donation will be faster than sending foods or anything.
Thanks for the information.
Its a positive development. Now everyone can make donations even if they have only crypto. This is inclusive giving at its best.
If charity organizations can accept crypto donations, it goes a long way then. I’m really glad about that
Sure they do. Its somethings that other charities need to copy. It opens up a large opportunity to receive more funds from the crypto community