The United Nations Children’s Fund (UNICEF) has launched a cryptocurrency trust fund to fund open source technology that would be beneficial to both children and young people globally.
In a press release published today by the world’s most popular children foundation, UNICEF announced that the initiative would help it receive, hold, and disburse donations in cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH).
Commenting on the development, UNICEF Executive Director Henrietta Fore expressed that the move is a welcomed development for the organization and that it will help boost its effort toward global charitable services.
“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,” Henrietta added.
According to the press release, UNICEF noted that the first donation toward its crypto fund would come from the Ethereum Foundation, which would be disbursed to “three grantees” of the
UNICEF innovation fund, and a subsequent move to connect various schools globally to the internet – a project that will be headed by GIGA initiative.
Reacting to the news, Executive Director of the Ethereum Foundation, Aya Miyaguchi, stated that the foundation had already made a donation of 100 ETH valued at $18,000 as at press time toward the initiative. He was also quoted in the press release saying:
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 Crypto fund to improve access to basic needs, rights, and resources.
Notably, the launch of the UNICEF Crypto Fund is one of the many efforts the organization has made toward venturing into the cryptocurrency and blockchain industry.
As Coinfomania reported in December last year, UNICEF announced that they were giving out $100,000 to six blockchain startups working on solving global challenges with blockchain.