- PDAX and the Philippine Red Cross (PRC) partner to streamline cryptocurrency donations for enhanced efficiency and speed in aiding Filipinos.
- Through PDAX Donate, users worldwide can now seamlessly send aid to the PRC.
- PDAX Donate supports 37 tokens, enabling rapid conversion to Philippine pesos and direct transfer to the PRC’s bank account, offering flexible options for receiving crypto donations.
To streamline cryptocurrency donations, the Philippine Digital Asset Exchange (PDAX) and the Philippine Red Cross (PRC) have partnered for enhanced efficiency and speed in helping Filipinos.
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Red Cross and PDAX Partnership
Through the exchange’s feature PDAX Donate, users can now send their aid from anywhere in the world.
In a media release, the two organizations highlighted that crypto donations, unlike traditional channels, eradicate waiting times and enhance transparency. This ensures that financial aid swiftly reaches the victims of calamities and disasters precisely when and where it is most needed.
“For decades, PRC has been a lifeline for Filipinos nationwide, especially in remote areas. Working with PDAX to facilitate Filipinos’ donations to support our vital humanitarian efforts will ensure that we are able to amplify the impact of our initiatives, thus fostering a powerful synergy between technology and compassion for lasting change.”Richard “Dick” Gordon, Chairman and CEO, Philippine Red Cross
Moreover, they emphasized that PDAX’s utilization of blockchain technology guarantees that stakeholders, donors, and partners can contribute with ease and flexibility, thereby facilitating rapid and efficient support.
“Cryptocurrency donations offer transparency through traceable blockchain records, faster transactions, and global accessibility. With reduced costs and decentralization, more funds directly support charitable causes, streamlining the donation process and increasing efficiency.”Nichel Gaba, CEO, PDAX
Gaba added that donating through cryptocurrency transforms the act of giving, making it not only easier and faster but also seamless. He noted that with crypto, “generosity becomes an immediate force, propelling positive change with incredible efficiency.”
Accordingly, the media release highlighted cryptocurrency’s expanding role in cross-border money transfers and was embraced by numerous non-profit organizations for transparent and efficient global donations. They cited that in 2022, The Giving Block reported over 1,000 organizations contributing $125 million in cryptocurrencies. Further, it noted that the crypto donation sector is expected to grow beyond $10 billion in the next decade.
Launched in 2022, PDAX Donate streamlines the process of receiving cryptocurrency donations for non-governmental organizations (NGOs). It establishes dedicated donation websites for partner organizations, expanding their global donation channels.
Users can send crypto donations directly to the PDAX wallet of their chosen NGO, charity, or foundation. This service addresses challenges faced by foreign donors in sending funds to Philippine-based groups, providing NGOs with access to a global donor community and enabling real-time crypto donations with reduced transaction costs.
As per the release, PDAX Donate supports 37 tokens; donations are rapidly converted to Philippine pesos and directly transferred to the PRC’s bank account, offering flexible options for receiving crypto donations without minimum balance restrictions and permitting withdrawals at any time.
In November 2022, the exchange partnered with Philippine Business for Social Progress (PBSP), a major corporate-led non-government organization (NGO), to utilize it’s Donate service for its crypto donation initiative.
Read the Crypto Donation Series:
- DIGITAL BAYANIHAN: Cryptocurrency Revolutionizing Donations
- Pros and Cons of Crypto Donations
- List of NGOs, Foundations, and Charities that Accept Crypto Donations
How to Donate
PDAX noted that donors can send the pledged amount using any of the cryptocurrencies currently available on the PDAX app.
1. Go to the PDAX Donate (donate.pdax.ph) and choose the NGO partner.
2. Select the crypto to donate, then input the pledge amount.
3. Provide necessary details and then choose the purpose of the donation.
4. Scan the QR code or copy the wallet address and send it from the desired exchange or crypto wallet.
Recent PDAX News
Recently, PDAX listed the Hedera token, $HBAR. Hedera operates on a fully open-source, proof-of-stake, public network, utilizing a leaderless, asynchronous hashgraph consensus algorithm known as Byzantine Fault Tolerance.
Last November, the Philippine Bureau of Treasury (BTr) approved the sale of tokenized treasury bonds on the blockchain. PDAX emerges as the pioneering Virtual Asset Service Provider (VASP) to introduce treasury bonds, representing fixed-interest government securities with predefined maturity periods.
PDAX has added support for the stablecoin $PYUSD issued by PayPal. The platform expects this addition to simplify the transfer process for Filipino freelancers and overseas workers, as they can now send their earnings to recipients’ PDAX digital wallets with lower conversion expenses and transaction fees.
This article is published on BitPinas: Red Cross Partners with PDAX for Swift Crypto Donations
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