UAE Charitable Foundation Secures its First Donations in Crypto

In a first-of-its-kind move for the UAE, the Al Jalila Foundation, a member of the Bin Rashid Al Maktoum Global Initiatives, says it has received its first donation in cryptocurrency.

The news of the charitable move was first reported by local media, WAM on Wednesday.

The crypto donations worth $16 million were made by QUINT, a revolutionary token advancing mainstream adoption of cryptocurrency, and DeFi to support the charitable work of the Al Jalila Foundation. The Al Jalila Foundation is dedicated to changing lives via medical innovation.

The crypto donations will be used to fund Hamdan Bin Rashid Cancer Charity Hospital. The facility which is a leading cancer hospital in the UAE specializes in providing treatment for cancer patients for free.

With the help of donations, the hospital can now better provide its humanitarian service. It can now reach out to more donors and provide improved services to the patients.

QUINT will provide this fund for a three-year period which aligns with the center’s construction plans through a specially devised locking and vesting mechanism.

After redeeming the total pledged sum, the facility will be named “QUINT Bone Marrow Transplant Center.”

For Quint, the donations present an avenue to bridge the metaverse with the real world and promote the mainstream adoption of cryptocurrencies.

This facility when completed will bring succor to patients of leukemia, lymphoma, and other similar life-threatening conditions who could otherwise not afford specialized medical treatment.

Crypto Donations

As the digital currency continues to gain global acceptance and adoption, crypto philanthropy has proven to be an important source of fundraising for charities. This has given the donor community greater opportunities to donate to any good cause of interest.

The Al Jalila Foundation recently secured approval to receive donations in digital currency. The donations from Quint make it the first healthcare charity center to receive donations in cryptocurrency.

The foundation has also partnered with a crypto firm to open more donation channels and networks in the actualization of the Emirate’s vision to be a prominent digital asset hub.

In related news, the Russia-Ukraine crisis presented an opportunity to showcase what crypto could mean for the world. The community support showcases the use of crypto for the public good.

Ukraine received over $108 million in crypto donations from donors around the world as of March according to an earlier report from TheCoinRise.