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UNICEF Launches Cryptocurrency Fund

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The United Nations Children's Fund (UNICEF) launched a new UNICEF Cryptocurrency Fund that will enable the UN Children's agency to receive, hold and disburse donations in cryptocurrencies such as Bitcoin (BTC) and ether (ETC).

The organization will use cryptocurrencies to fund open source technology benefiting children and young people around the world. It will hold the contributions to the cryptofund in the cryptocurrency of contribution, and granted out in the same cryptocurrency. UNICEF national committees of USA, Australia and New Zealand also accept cryptocurrency.

The non-prifit will now become the first UN Organization to hold and make transactions in cryptocurrency. The initial contribution to the fund of reportedly 100 ethers was received from non-profit Ethereum Foundation through the French National Committee for UNICEF.

The Ethereum Foundation said it is taking action along with UNICEF to improve access to basic needs, rights, and resources for children with the cryptofund.

The UN's charity arm for children said the cryptofund will primarily benefit three grantees of the UNICEF Innovation Fund and a project coordinated by the GIGA initiative to connect schools across the world to the Internet.

In what was UNICEF's first ever crypto-mining fundraising, UNICEF had in February last year asked gamers and eSports fans to join an effort called "Game Chaingers," which aimed to raise funds to support children in the war-torn Syria by mining the cryptocurrency Ethereum.

Later in April 2018, UNICEF Australia tapped cryptocurrency mining to raise funds for the refugee children in Bangladesh using an application by Coinhive, which mines Monero.

In December 2018, the agency announced a $100,000 fund to six blockchain startups to solve global challenges using blockchain technology.

The United Nations' charity arm for children said that the UNICEF Innovation Fund will invest the money in six companies -Atix Labs from Argentina, Onesmart and Prescrypto from Mexico, Statwig from India, Utopixar from Tunisia and W3 Engineers from Bangladesh to deliver open-source prototypes of blockchain applications within 12 months.

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