Press release: Muslims Can Now Pay Zakat in Cryptocurrency
Those with zakat-eligible cryptocurrency holdings.
If your net wealth held for at least one year exceeds the nisab and includes cryptocurrency, you can pay the cryptocurrency portion of your zakat directly via the Blockchain.
If you do not currently have zakat-eligible cryptocurrency, then we do not reccomend using the service.
Zakat is 2.5% of your liquid assets held for at least one year. For any cryptocurrency held for one year or more, you owe 2.5% of your total holdings.
For example: if you bought 1 BTC more than one year ago, you owe 0.025 BTC in zakat.
No, Blossom does earn any money from zakat. 100% of the funds will be sent to zakat organizations to be distributed among those in extreme poverty, less exchange fees incurred to change the money to Rupiah (note that Blossom does not make any money on exchange fees).
Blossom will provide a designated wallet address held at our exchange partner in Indonesia.
We'll convert your funds to Indonesian Rupiah at our exchange parter in Indonesia.
We'll remit the funds by bank transfer directly to well run zakat organizations in Sumatra and Central Java, Indonesia.
We'll send you a full impact report from our partners in Indonesia, plus all receipts for remittences.
Yes. If you prefer to focus on, for example, widows, children, orphans, etc.. just let us know and we can instruct our partners accordingly. We'll try to meet any request, limited only by the capacity of our partners.
Send an email to: [email protected]
Subject: "Zakat Payment Request"
Indicate in your email:
Blossom is a trademark of Blossom Labs, Inc. a U.S. Delaware Corporation.
For inquiries, contact [email protected] or call (800) 487-4122.
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