UNICEF launches Cryptocurrency Fund to support Open Source Technology

UNICEF launches Cryptocurrency Fund to support Open Source Technology

UNICEF (The United Nations Children's Fund) announced the launch of a Cryptocurrency Fund. UNICEF is the first United Nations organization that will use cryptocurrencies to fund open source technology benefiting children and young people around the world. UNICEF will now be able to receive, hold and disburse donations of cryptocurrencies ether and bitcoin, through its newly-established UNICEF Cryptocurrency Fund.

Under the structure of the UNICEF Cryptocurrency Fund, contributions will be held in their cryptocurrency of contribution, and granted out in the same cryptocurrency.

The first contributions to the UNICEF Cryptocurrency Fund will be received from the Ethereum Foundation, and will benefit three grantees of the UNICEF Innovation Fund. The three grantees are Prescrypto, Atix Labs and Utopixar which work in the areas of prescription tracking, matching investors and those needing funding, and community tokens and engagement.

UNICEF national committees of USA, Australia and New Zealand also accept cryptocurrency.

Henrietta Fore (UNICEF Executive Director) said: “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."

The launch of the UNICEF Cryptocurrency Fund is part of UNICEF’s ongoing work with blockchain technology. UNICEF co-leads the UN Innovation Network with WFP. The network is responsible for researching the potential and pitfalls of blockchain and other emerging technologies.