The United Nation’s biggest organization, UNICEF recently launched cryptocurrency fund, aims at accepting and disbursing donations via cryptocurrencies such as Bitcoin and Ethereum.

According to the official announcement, UNICEF with its new crypto-based initiative becomes the first UN organization to “hold and make crypto transactions”. The fund is designed to support open source technology that would “benefit children and young people around the world”.  

UNICEF executive director Henrietta Fore said; 

“This is a new and exciting venture for UNICEF. If digital economies and currencies have the potential to shape the lives of the coming generations, it is important that we explore the opportunities they offer. That’s why the creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.” 

UNICEF Cryptocurrency Fund will receive as well as a grant out the donation in the same cryptocurrency. The organization asserts that the first-ever donations to be received for UNICEF Cryptocurrency Fund will be from the Ethereum Foundation. The release further states that this fund will benefit “three grantees of the UNICEF Innovation Fund and also one project coordinated by the GIGA initiative. 

Nevertheless, the initial donation by the Ethereum Foundation will be made via the French National Committee for UNICEF. For those who aren’t familiar with Ethereum Foundation, it is a non-profit foundation powered by the Ethereum platform. 

Furthermore, the agency revealed that the UNICEF national committees of the USA, Australia, and New Zealand also in favor of accepting cryptocurrency. 

Aya Miyaguchi, Executive Director of the Ethereum Foundation shared her excitement of demonstrating the power of Ethereum blockchain towards the community. She said that; 

Together with UNICEF, we’re taking action with the Crypto fund to improve access to basic needs, rights, and resources,” said Aya Miyaguchi. We’d like to thank UNICEF and the UNICEF family of national committees for their leadership as we create real progress together.”

Conclusively, UNICEF elaborates that the initiative is a part of UNICEF’s ongoing work with blockchain technology. In fact, it also mentioned that the organization is co-leading the UN innovation network with WFP which is a research-based project that highlights the potential and pitfalls of emerging technologies, including blockchain. 

Image Source – Flickr

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