The world of cryptocurrency is growing in ways nobody could have anticipated. Today, it was revealed by the United Nation’s Children Fund for UNICEF that they’ve launched a cryptocurrency fund. This fund will receive and distribute donations of Ethereum or Bitcoin by using open-sourced technology.
All funds will go to the assistance of children worldwide. This marks the first time that UNICEF has ever accepted a new form of currency in more than five decades.
In hopes of attracting donations of cryptocurrency traders, the organization revealed in their announcement that the Ethereum Foundation was the first to donate to the fund. The United Nations Children Fund will use the acquired Bitcoins and Ether to back specific companies working on prescription medications for children with specific cancers and diseases. The first three laboratories that will receive donations funds are Atix Labs, Utopixas and Prescrypto.
The Ethereum Foundation confirmed their donations during a keynote speech at DevCon. AyaMiyaguchi, the Executive Director for the Foundation, noted that 100 Ether was sent to the fund. 100 Ether equates to $18,000.00 with current valuations and is an excellent start to what will hopefully be an exciting venture for UNICEF.
The hope is that the changes to digital economies will prompt future generations to use new forms of finance, and subsequently be chartable through new avenues. The ultimate goal is to use cryptocurrency technology to enable better access to resources, rights and basic needs for the children of the world.
The United Nations Children Agency has been working with UNICEF to create a cryptocurrency fund for some time now. The agency has wanted to adopt the technology for a bigger goal, and they made a significant push towards accomplishing that goal earlier this year.
The agency created a deal with Kyrgyzstan to enable internet access in school’s nationwide through blockchain donations. This is called Project Connect and immediately prompted the new fund to be created. However, this isn’t UNICEFs first venture into the blockchain market.
Before this fund, they had invested more than $100,000.00 in six blockchain businesses. These ranged from resource management to healthcare delivery.