UNICEF, an international organization that provides food and healthcare to disadvantaged children, has made an announcement about the establishment of a cryptocurrency fund for accepting donations in Bitcoin and Ethereum.
We are now able to receive, hold and disburse donations in cryptocurrencies - ether and bitcoin.— UNICEF (@UNICEF) October 9, 2019
Learn more about our new UNICEF Cryptocurrency Fund! ?
The Swiss-based Ethereum Foundation made the very first contribution, which amounts to 1 BTC and 10,000 ETH. It is worth noting that the organization received more than $15 bln in donations, which signifies the need for implementing financial innovations.
UNICEF Executive Director Henrietta Fore claims that they need to explore the opportunities that are given by the emerging digital economy.
“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."
In its press release, the agency states that it keeps exploring the pros and cons of Blockchain as well as other disruptive technologies.
With cryptocurrencies, it is much easier to control the spending of all contributions given that all transactions are recorded on an immutable ledger. This makes the process more transparent and eliminates corruption within UNICEF.
As reported by U.Today, the Litecoin Foundation recently announced a partnership with UNICEF Kid Power to reward children for making valuable contributions to their communities.