Philippine-based cryptocurrency exchange Philippine Digital Asset Exchange (PDAX) announced that it has launched PDAX Donate, a new service offering where users can directly send crypto donations directly to the PDAX wallet of a non-government organization (NGO), charity, or foundation that they want to help to.
“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,” PDAX said in a statement.
According to its announcement, NGOs, charities, and foundations will be able to receive crypto donations faster and cheaper through PDAX Donate, as it will charge lower transaction cost with a direct fund transfer.
PDAX also emphasized that organizations can trust its service and security as it is a virtual asset provider licensed by the Bangko Sentral ng Pilipinas.
How to donate crypto through PDAX Donate
1. Go to the “PDAX Donate” section on its app and choose from the NGO partners listed. Users can also go directly to https://donate.pdax.ph/
2. Select the crypto that you wish to convert to fiat, then input your pledge amount.
3. Provide your details and the purpose of your donation.
4. Scan the QR code or copy the wallet address and send it from your desired exchange or crypto wallet to complete the transaction.
Currently, the available tokens in the PDAX mobile app which can be converted to fiat to be donated are BTC, ETH, XRP, USDT, USDC, BCH, LTC, UNI, LINK, AAVE, COMP, BAT, ENJ, GRT, DOGE, SLP, AVAX, AXS, XLM, ADA, MATIC, BNB, SOL, DOT, SUSHI, and PHPT. PHPT is an internal utility token by PDAX pegged to the Philippine Pesos.
According to PDAX, the Yellow Boat of Hope Foundation (Yellow Boat) and the Jesuit Communication Foundation (Jescom) are the only registered partners on its app so far, but more organizations have expressed interest in accepting crypto donations.
“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.
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, have started accepting crypto donations.
“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,” Jay Jaboneta stressed, the Co-Founder of Yellow Boat Foundation.
It is not the first time that crypto donations are accepted in the country to help Filipinos. It can be remembered that YGG Pilipinas, the local arm of Yield Guild Games, collected about Php 71.1 billion worth of donations that reached around 3,000 households that were affected by the Typhoon Odette.
Aside from YGG Pilipinas, more from the cryptocurrency community — across different gaming, art, and crypto guilds, and individuals — also launched initiatives through fundraising of cryptocurrency and fiat currency to help in the relief and support efforts for the areas affected by Typhoon Odette that struck Visayas and Mindanao.
“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,” said Nichel Gaba, Founder, and CEO of PDAX.
Gaba also mentioned that PDAX Donate is part of the company’s advocacy of promoting and enabling financial inclusion in the Philippines with the help of blockchain technology.
“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,” the CEO concluded.