Al Jalila Foundation, a medical organization in the UAE, reveals that it has been granted authorization to accept the digital currency. Thus, donors can now make commitments using bitcoin. They also have a partnership with a prominent cryptocurrency exchange.
The initiative intends to broaden the Foundation’s contribution channels, network, and capabilities. This is in accordance with Dubai’s ambition of being a pioneer in advanced financial technology adoption and a major digital asset center.
The Al Jalila Foundation is indeed the UAE’s premier non-profit organization to embrace cryptocurrencies. Al Jalila is from Dubai and is a member of the Mohammed Bin Rashid Al Maktoum Global Project.
UAE as the World’s Fastest-growing Crypto Center
As according to Chainalysis, the Middle East is among the world’s fastest-growing crypto marketplaces, accounting for 7% of worldwide trade volumes. The UAE trades around $25 billion in cryptocurrencies each year, ranking third in the region by volume.
Since its founding in 2013, the Al Jalila Foundation generates millions of dollars to fund life-changing healthcare programs. this includes medical care, education, as well as research.
AJF seeks to strengthen contribution channels, networks, and capacity through this collaboration. This will be in conjunction with the Emirates’ goal of being a pioneer in the use of contemporary financial technology. Moreover, it will market itself as a digital asset center.
Abdulkareem Sultan Al Olama, the charity’s CEO, remarks on the increase in the firm’s contribution outlets. As a result, as a philanthropic institution, they rely on charitable donations. Furthermore, they are continually looking for new ways to increase their donation channels. The aim is for people from all over the world to easily and conveniently support our initiatives.
The Gulf region’s bitcoin economy is thriving. Emirates, a Dubai airline, will reportedly begin accepting bitcoin payments as well. YallaMarket, an Emirati grocery delivery company, is starting to take Bitcoin payments last month. Among the notable cryptocurrency companies that recently confirms moves to the UAE are Bybit, Crypto.com, and Kraken.
UAE Ranks Third in International Crypto Transactions
According to Chainalysis, the UAE transacts over $25 billion in cryptocurrencies yearly and ranks third in the region in terms of volume. Sultan Al Olama comments that they are glad to be the UAE’s inaugural healthcare charity to welcome crypto donations. Accordingly, this will eliminate the gap between actual and digital monies.
The number of options for using crypto in the UAE’s seven emirates is growing. As per Visa’s Back to Company Global Study 2022 Outlook, each small businessman that they ask in the UAE is expecting to accept some kind of digital payment in 2020. In addition, more than one-third are expressing their willingness to accept cryptocurrencies such as bitcoin.
As per a YouGov survey done last month, 15% of UAE citizens have owned, acquired, or paid using cryptocurrencies in the previous three months. The Al Jalila Foundation joins other notable NGOs in accepting cryptocurrencies. This includes Save the Children, which chose the Cardano Foundation as its affiliate.
