Unicef Steps Into Blockchain With Its Decision of Launching A Crypto Fund

October 9, 2019 by Editor's Desk

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With the idea to back open-source technology for kids across the world, UNICEF, the United Nations Children’s Fund, launched a crypto fund to enable receiving, holding, and distributing donations of bitcoin and ether. UNICEF made a statement on Wednesday that this is the very first time for the United Nations organization and that the contributions

UNICEF made a statement on Wednesday that this is the very first time for the United Nations organization and that the contributions will be made in cryptocurrency in the Cryptocurrency Fund and will be granted out in the same digital currency form.

Ethereum Foundation is among the very first contributors to the UNICEF Cryptocurrency Fund and “will benefit three grantees of the UNICEF Innovation Fund.”

Prescription, Atix Labs and Utopixar are the grantees receiving the initial donation. These are the ones that have primarily focused their attention on “prescription tracking, matching investors and those needing funding, and community tokens and engagement.”

A contribution of 100 ether, worth about $18,000 at its current price, has been made to the UNICEF via the new partnership is what Aya Miyaguchi, executive director of the Ethereum Foundation, mentioned in a keynote speech at the DevCon event.

UNICEF Executive Director Henrietta Fore believes that this is an 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,” she added.

“Together with UNICEF, we’re taking action with the Crypto Fund to improve access to basic needs, rights, and resources,” Miyaguchi announced.

Blockchain has great potential that can help in shaping the future of the world. The UNICEF Cryptocurrency Fund is just another huge step to adopt blockchain technology to explore its features and help in the betterment of society.

The UN children’s agency discussed with the government of Kyrgyzstan earlier this year that revolved around utilizing the blockchain to provide internet access to schools in the country. They even named the said project as the ‘Project Connect initiative.’

Last year, in December, UNICEF said it was investing $100,000 in six blockchain startups. They said, would help in solving many challenges that various industries ranging from healthcare to financial sector go through. Be it the delivery transparency in healthcare or the managing of finances and resources.