Responding to demand, Islamic #microfinance start-up starts accepting cryptocurrencies for zakat
Islamic microfinance start-up Blossom Finance has started accepting zakat payments in cryptocurrencies for zakat-eligible cryptocurrency assets in response to user demand. Blossom Finance has designated a wallet for zakat payments at a cryptocurrency exchange in Indonesia. Blossom will channel the zakat to the Indonesian financial cooperative Baitul Maal Wat Tamwil (BMT) that will distribute the funds to any of the 87 microfinance institutions that the start-up has agreed to partner with. The crypto zakat payment on crypto assets is completed once deposited in the Blossom-designated wallet. CEO Matthew Joseph Martin said Blossom Finance would not take a fee for providing the zakat payment facility. The company’s aim is to provide a working model for zakat collection and management organizations.
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