UNICEF Announces Its Cryptocurrency Fund, To Accept Bitcoin and Ether Donations

11. Oct 2019 Posted by Akolkar B on News

UNICEF, the children-focused charity arm of the United Nations has recently announced its new cryptocurrency fund. In the announcement, UNICEF said that it will start accepting donations in the two topmost cryptocurrencies, Bitcoin and Ethereum.

In its official announcement, UNICEF said that this initiative is for the ulterior benefit of children by getting them access to open-source technology that benefits young people across the globe.

Henrietta Fore, UNICEF Executive Director was quoted saying: “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 organization said that the first contribution to the for the UNICEF Cryptocurrency Fund will be coming from the Ethereum Foundation. This will benefit the “three grantees” of UNICEF Innovation Fund, a project by GIGA Initiative of connecting schools across the globe via the internet. The first donation by the Ethereum Foundation shall be made through the French National Committee for UNICEF.

Aya Miyaguchi, Executive Director of the Ethereum Foundation said: “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”.

The director further added: “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.”

This is not for the first time that UNICEF has taken the crypto and blockchain route to fund its campaigns. Under the Project Initiative, UNICEF held some discussion with the government of Kyrgyzstan earlier this year, to use blockchain technology for providing internet access in schools.

Last year, UNICEF also announced an Ethereum mining project aimed at providing funds to the needy children in Syrian schools.