The UN Children’s Fund, an arm of the United Nations focused on helping disadvantaged children of the world, recently established the UNICEF Cryptocurrency Fund. Now, users who want to donate to the organization will be able to do so using two of the most popular digital currencies in the world- Bitcoin and Ether.
Ethereum Foundation Will Donate
The newly established fund will receive its first donation from the Ethereum Foundation. They donated $18,000 or 100 ETH to the fund. The donation will be channeled towards a project by GIGA initiative that aims to connect schools to the internet. Funds will also be directed toward three firms via the Innovation Fund namely – Utopixar, Atix Labs and Prescrypto.
UNICEF executive director Henrietta Fore commented on the event and said, “This is a new and exciting venture for UNICEF. If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer.” She also called the cryptocurrency fund a welcome approach towards developmental and humanitarian work.
What Will UNICEF Do With Crypto?
UNICEF doesn’t intend to exchange cryptocurrency for cash. Instead, it will hold the coins in the fund and send them out when the need be. All transactions will take place in digital currencies. UNICEF is one of the largest organizations in the world aiming to meet global challenges heads on using blockchain technology. In December 2018, it announced a $100,000 investment in half a dozen blockchain startups that used blockchain technology for finance and resource management and bringing transparency to the healthcare system.
Note that Ethereum routed its donation to UNICEF via the French National Committee of the organization. Currently, the national committees of Australia, New Zealand and the USA accept donations in digital currencies. UNICEF is also leading the UN’s Innovative network along with WFP.