Al Jalila Foundation, a member of the Mohammed Bin Rashid Al Maktoum Global Initiatives, dedicated to transforming lives through medical innovation, announced that it has received the first donation in cryptocurrency at an equivalent value of $16 million, WAM reported.
The proceeds will be used to support the Hamdan Bin Rashid Cancer Charity Hospital in Dubai, which is set to open 2024.
“The donation, the first of its kind in the UAE, was made by the founders of QUINT, a revolutionary token championing mainstream adoption of DeFi and cryptocurrencies by bringing real-world rewards and perks to investors,” WAM said in a statement.
Recently, the Al Jalila Foundation, a member of the Mohammed bin Rashid Al Maktoum Global Initiatives, was granted approval to receive charitable crypto donations.
The approval made it the first healthcare charity in the UAE to accept donations in digital currencies.
“As a philanthropic organisation, we rely on charitable donations and we are always seeking innovative ways to expand our donation channels for ease of convenience for donors from all around the world to support our programmes,” Al Jalila Foundation’s chief executive officer Dr. Abdul Kareem Al Olama said.
The funds, will be made available to Al Jalila Foundation through a “specially devised locking and vesting mechanism over a three-year roadmap aligned with the bone marrow transplant centre’s construction plan,” WAM said.
On completion, the centre will operate under the title ‘QUINT Bone Marrow Transplant Centre’, and will cater for cancer patients who could otherwise not afford specialised medical treatment.
“As part of our mission of connecting the metaverse to the real world, and boosting mainstream adoption of cryptocurrencies and DeFi, we are pleased to be amongst the first to embrace crypto philanthropy in the UAE and the Middle East,” QUINT’s chairman Mohammed Al Bulooki said.
In less than a year, Al Jalila Foundation has already raised AED400 million, towards the AED750 million fundraising target.
“Major donations were received from a number of philanthropists, government and non-government organisations, UAE businesses and corporates to support the development of the UAE’s first cancer charity hospital,” WAM said.
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