The United Nations International Children’s Emergency Fund (UNICEF) has just started to accept cryptocurrencies as a means of donation. The organization is now able to hold and distribute donations in the form of cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), thus becoming the first organization in the United Nations group to start the adoption of cryptocurrencies.
UNICEF, via an announcement on Wednesday, said that this new cryptocurrency fund will be receiving contributions and holding it in cryptocurrency and will be giving it out in the same digital form. This means any other organization involved with UNICEF would also be accepting cryptocurrencies, thus taking cryptocurrency adoption a step further. The cryptocurrencies received will be used to fund various modern open-source technologies that aim to benefit children and youngsters all over the globe.
Henrietta Fore, UNICEF Executive Director, believes this new venture will be exciting and beneficial as well. She 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. That’s why the creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”
The very first donation to the UNICEF cryptocurrency fund will be from the Ethereum Foundation and this will be beneficial to three grantees of the UNICEF Innovation Fund alongside a project coordinated by the GIGA initiative which helps connect schools to the internet to provide better education to the coming generations.
Aya Miyaguchi, executive director of Ethereum Foundation, said earlier in a DevCon event that 100 ether, which amounts to $18392 at the time of writing, has been transferred to UNICEF via the French National Committee for UNICEF. He commented:
“The Ethereum Foundation is excited to demonstrate the power of what Ethereum and blockchain technology can do for communities around the world. Together with UNICEF, we’re taking action with the Cryptofund to improve access to basic needs, rights, and resources, We aim to support the research and development of the Ethereum platform, and to grow the community of those that benefit from a technology that will better countless lives and industries in the years to come. We’d like to thank UNICEF and the UNICEF family of national committees for their leadership as we create real progress together.”
The UNICEF Cryptocurrency fund is the organization’s latest efforts to make use of the blockchain technology to benefit the world. Apart from the UNICEF, organizations like the Red Cross society have also started accepting cryptocurrencies as a means of donation. There are also multiple charitable organizations within the crypto industry as well; one fine example would be Binance Charity, the philanthropical section of the largest cryptocurrency exchange by volume.