Global children’s charity UNICEF has initiated its first step into accepting donations via digital assets with the launch of the newly-established ‘UNICEF Cryptocurrency Fund.’
The charity organisation will now be able to receive, hold and disburse donations of two cryptocurrencies (ether and bitcoin) for the first time.
The move provides further funding avenues towards open source technology benefiting children and young people around the world and is said to be part of its “ongoing work” with blockchain technology.
“This is a new and exciting venture for UNICEF,” commented Henrietta Fore, UNICEF executive director.
“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 fund operates by holding the donated cryptocurrency before redistributing the exact same token contribution for charitable purposes.
Nonprofit organisation Ethereum Foundation acts as the first contributor to the fund and is set to benefit three grantees of the charity’s innovation fund – along with an additional project aimed at connecting schools across the world to the internet.
“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,” said Aya Miyaguchi, executive director, Ethereum Foundation.
“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 – national committees of US, Australia and New Zealand also accept cryptocurrency.