The country’s growing digital asset exchange, PDAX, recently unveiled its ‘Donate’ service, a new offering that enables non-profit organizations, charities, and foundations to start accepting donations in the form of cryptocurrencies through a dedicated donation website.
For the service, PDAX creates a dedicated donation website for each of its partner organizations, where they can accept crypto donations from anyone in the world. This serves as an additional global donation channel for the organizations. It’s also a timely effort for Philippine-based charities to directly tap the growing crypto community.
Based on data from crypto company Triple A, there are currently an estimated 7 million crypto users in the Philippines. The crypto donations are credited directly to the organization’s PDAX wallet. The donated funds could be held as crypto and could be converted to Philippine Peso anytime to reduce exposure to price volatility.
Using PDAX Donate, non-profit organizations will be able to avail of a faster and cheaper channel for receiving crypto donations from anywhere in the world. They will also have no required minimum balance for maintaining their PDAX account and will be able to withdraw their funds anytime.
Organizations can also rest assured that their crypto donations will remain secure in their wallets as the platform employs various security measures. On top of this, PDAX, which serves as the tech partner for the charity organization, is a virtual asset provider licensed by the Bangko Sentral ng Pilipinas.
The Yellow Boat of Hope Foundation (Yellow Boat) and the Jesuit Communication Foundation (Jescom) are the first two non-profit organizations that partnered with PDAX for the Donate service with more charity organizations expressing interest in also accepting crypto donations.
According to Nichel Gaba, Founder, and CEO of PDAX, the new PDAX Donate service is part of the company’s advocacy of promoting and enabling financial inclusion in the Philippines with the help of blockchain technology.
“Over the past two years, we saw crypto drastically change the way Filipinos view and earn money. With just their smartphones, they can earn enough income to cover their basic needs and even more,” Gaba added. “Now with PDAX Donate, Filipinos can also use their crypto to donate to the NGOs and charities of their choice with just a click of a button. Not only does this promote financial freedom, but also bayanihan among Filipinos.”
“During the pandemic, we discovered two things: millions of Filipinos are willing to help out where they can, even during an economic crisis, and crypto is revolutionizing the way people exchange goods and services. We’re glad that PDAX has found a way to address these two trends with PDAX Donate,” Jesuit Communications Foundation Executive Director Fr. Nono Alfonso said.
“We are happy to partner with PDAX in exploring a new way to raise donations that will benefit our countrymen. We believe that technology adoption can indeed make a difference in pushing social good campaigns and advocacies since we are in the dawn of digital transformation. We tapped PDAX because of its reputation as a government-licensed and reliable crypto platform.,” said Jay Jaboneta, the Co-Founder of Yellow Boat Foundation
How PDAX Donate works
At present, foreign donors face limitations when sending funds to Philippine-based groups due to the lack of financial services allowing direct fund transfers, and most often, these come with expensive fees and take a few days to process.
With the PDAX Donate service, non-profit organizations can have access to the global community of donors and choose to receive crypto donations that can be easily sent by anyone from their crypto wallets, in real-time, and with lower transaction costs. PDAX Donate allows donors to send crypto donations using any of the 25 tokens currently offered by the platform. These include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), Tether (USDT), Cardano (ADA), Axie Infinity Shards (AXS), Smooth Love Potion (SLP), Dogecoin (DOGE), Solana (SOL), Sushi (SUSHI) Stellar (XLM) and BNB.
This is made possible by the use of blockchain technology, which allows for real-time settlements with minimal transaction costs.
Crypto is now starting to be considered for global donations as more people use digital assets. Data from Crypto.com shows that as of July 2021, there are around 230 million crypto users around the world including millions of Filipinos.
Global Crypto Donations
Cryptocurrencies are currently gaining acceptance among charity groups. In recent years, global organizations such as Children International, UNICEF, World Vision, American Red Cross, Save the Children, the Wharton School of the University of Pennsylvania, and Habitat for Humanity, to name a few, adopted crypto as another mode of payment for donations.
Last year, the play-to-earn gaming group Yield Guild Games (YGG) also led a crypto donation drive in the Philippines to assist victims of Typhoon Odette and was able to raise as much as $1.4 million within three weeks.
How to donate through PDAX Donate
Donating through PDAX Donate is fast, simple, and instant. Donors can send any amount using any of the 26 cryptocurrencies currently available on the exchange’s mobile app.
To know more about sending crypto donations to the Jesuit Communications Foundation, visit https://donate.pdax.ph/jescomph.