The Al Jalila Foundation announced today it will start accepting donations in cryptocurrencies. The Dubai-based medical charity is the first charitable organization in the United Arab Emirates to accept donations in crypto, the Dubai Media Office said in a press release, explaining that the foundation has also partnered with an unspecified “leading cryptocurrency platform.”
Why it matters: The cryptocurrency scene in the UAE is growing. The Dubai-based airlines Emirates will also reportedly start accepting payments in cryptocurrencies. The Emirati grocery delivery platform YallaMarket likewise began accepting crypto payments last month.
Several major cryptocurrency platforms have announced moves to the UAE recently, including Kraken, Bybit and Crypto.com.
As many as one third of people in the Emirates own cryptocurrency. There are around $25 billion worth of cryptocurrency transactions conducted in the UAE each year, according to the Dubai Media Office.
Know more: People around the Middle East are beginning to embrace crypto. Many Lebanese have begun using cryptocurrency recently as the economic crisis in the country continues.
Several cryptocurrencies have dramatically dropped in value recently, including the preeminent Bitcoin.