By On 8 October 2019, UNICEF announced through a press release that they had established a UNICEF Cryptocurrency Fund that will enable them to receive, store and disburse donations in Bitcoin or Ether.
This move has made UNICEF the first UN organization to adopt a cryptocurrency payment system. UNICEF plans to use the Cryptocurrency Fund to support open source technological innovations that will be beneficial to kids and young adults around the world.
The UNICEF Cryptocurrency Fund
UNICEF will accept cryptocurrency donations through its UNICEF National Committee Fund in the USA, France, Australia, and France. The Crypto Fund will be able to hold and disburse the funds in the same type of cryptocurrency they were contributed in.
UNICEF’s Executive Director Henrietta Fore expressed how 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.”
Ethereum Foundation Pledges Initial Contribution
The Ethereum Foundation has already pledged to be the first contributor to the UNICEF cryptocurrency fund through the French National Committee for UNICEF.
The Ethereum Foundation was excited to be part of life, a changing project that is powered by blockchain technology. Their Executive Director Aya Miyaguchi stated:
Together with UNICEF, we’re taking action with the Crypto fund to improve access to basic needs, rights, and resources. 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. “
Beneficiaries of Initial Pledge
The beneficiaries are The GIGA Initiative and three Start-up grantees of the UNICEF Innovation Fund, atix labs (Argentina), utopixar (Tunisia), and prescrypto (Mexico). The three start-ups develop blockchain-based innovative technologies that offer prescription tracking, donor-beneficiary matchmaking, and community-based token and engagements.
In their announcement for these grants, UNICEF said:
“Through this experience, UNICEF is leveraging the leanings and growth of the companies that better understand blockchain can be used in developing and emerging economies. The start-ups are leveraging technology to improve organizational efficiencies, streamline decision- making and build transparent workflows.”
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