UNICEF launches crypto fund to receive ether and bitcoin donations

UNICEF announced on Tuesday that it will now be able to receive, hold and disburse donations of cryptocurrencies ether and bitcoin through its newly-established UNICEF Cryptocurrency Fund.

In a press release, the NGO said that it will use cryptocurrencies to fund open source technology benefiting children and young people around the world.

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

“This is a new and exciting venture for UNICEF,” said Henrietta Fore, UNICEF CEO. “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 first contributions to the UNICEF Cryptocurrency Fund will be received from the Ethereum Foundation.

Aya Miyuaguchi, CEO of the foundation said: “The Ethereum Foundation is excited to demonstrate the power of what Ethereum and blockchain technology can do for communities around the world.

“Together with UNICEF, we're taking action with the Cryptofund 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. We'd like to thank UNICEF and the UNICEF family of national committees for their leadership as we create real progress together.”

Currently, bitcoin is trading at $8,173 and ethereum at $181.28.