The United Nations Children Fund UNICEF has made move into the cryptocurrency industry. The body through the creation of a crypto fund successfully achieved the move into the industry.
According to a press release dated 8th of October, 2019, UNICEF announced it will now be able to receive, hold and send cryptocurrencies through its newly established UNICEF Cryptocurrency Fund.
“Together with UNICEF, we’re taking action with the Cryptofund to improve access to basic needs, rights, and resources,” – Aya Miyaguchi, Ethereum Foundation
The fund according to UNICEF will be used to fund open source technology benefitting children and young people all over the world.
Executive Director of UNICEF, Henrietta Fore 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 is why the creation of our Cryptocurrency Funds is a significant and welcome step forward in humanitarian and development work.”
Funds contributed to the fund will be held in the cryptocurrency of contribution and given out to beneficiaries in same currencies.
At current, UNICEF only supports the two largest cryptocurrencies by market cap, Bitcoin and Ethereum and the first contributions to the fund will be received from the Ethereum Foundation. The contribution will benefit three grantees of the UNICEF innovation fund and a project of coordinated by the GIGA initiatives, UNICEF revealed.
Expressing excitement at the development, 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,”
Continuing, she said “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 Ethereum Foundation will make its initial donation through the French National Committee, and the UNICEF Innovation Fund grantees that will receive their first donations are Prescrypto, Atix Labs and Utopixar, UNICEF reported.