UNICEF’s crypto fund shows Bitcoin is accepted as financial asset

Bitcoin, the king coin with a market share of 66.8 percent, continues to be the market mover as it attracts more sectors. This time around, the news broke from UNICEF as the agency announced that it would be accepting the largest cryptocurrency along with Ethereum for donation with the launch of UNICEF Cryptocurrency Fund. Moreover, […]
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A United Nations Agency Has Launched a Crypto Fund

The adoption and widespread use by the mainstream public are vital for crypto and Bitcoin to eventually reach its full potential. Acceptance from global government entities is nearly as important, as they wield the power to prevent the asset class from developing further.
However, a recent nod of support has arrived from the United Nations, with one agency under the multinational body launching its very own cryptocurrency fund.
UNICEF Becomes First UN Organization To Launch Crypto Fund
The United Nations International Children’s Emergency Fund (UNICEF) has revealed that is has become the first United Nations organization to both hold crypto and conduct transactions in the digital asset class.
Their mission is to provide emergency food, medical supplies, and even education to children who are unable to fend for themselves due to economic conditions, war, and other atrocities.
Related Reading | UNICEF Adds Six Blockchain Startups From Developing Nations to its Innovation Fund
Appropriately dubbed the UNICEF Cryptocurrency Fund, it allows the UN agency to “receive, hold, and disburse donations” of Ethereum and Bitcoin. The firm says that they will use crypto to fund a variety of open source technologies that will benefit kids in need across the globe.
Any cryptocurrencies donated to the fund will be held in the same crypto that was contributed and will be granted out in that same cryptocurrency. The first contribution was made by The Ethereum Foundation, and the grant will benefit three grantees from the UNICEF Innovation Fund – Prescrypto, Atix Labs, and Utopixar – as well as a “project coordinated by the GIGA initiative to connect schools across the world to the internet.”
UNICEF says that the launch is part of “ongoing work with blockchain technology,” and that the agency is part of the UN Innovation Network – responsible for “researching the potential and pitfalls of blockchain and other emerging technologies.”
Aya Miyaguchi, Executive Director of the Ethereum Foundation said that the UNICEF Cryptocurrency Fund would “improve access to basic needs, rights, and resources” and that crypto as a technology would “better countless lives and industries in the years to come.”
Related Reading | Unicef Australia Creates In-Browser Crypto Mining Website
This isn’t the first time UNICEF has shown interest in cryptocurrencies and how they may help children in need. Last year, UNICEF launched The Hope Page – a website interested philanthropic individuals can go to, and allow browser-based cryptocurrency mining software to utilize computer resources to mine for crypto that is then donated to UNICEF Australia.
The agency says that it “works in some of the world’s toughest places,” and crypto makes it easier and faster to send funds to regions without technological infrastructure. UNICEF’s stamp of approval and support of cryptocurrencies is great for the general acceptance of the emerging asset class, and even better, it demonstrates how the technology can benefit third-world countries that lack infrastructure or a thriving economy.
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UNICEF Created Its Crypto Fund, Accepting Donations in Bitcoin and Ethereum

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UNICEF Created Its Crypto Fund, Accepting Donations in Bitcoin and Ethereum
UNICEF launched a cryptocurrency fund and is accepting donations in Bitcoin and Ethereum. The initiative has been rolled out to fund open-source technology benefiting children and young people around the world.
UNICEF Created Its Crypto Fund, Accepting Donations in Bitcoin and Ethereum

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UNICEF Initiates Crypto Fund, Beginning with Bitcoin and Ethereum Donations

The United Nations’ children welfare agency, UNICEF, today announced the formation of the UNICEF Crypto Fund. The prototype will begin with accepting Bitcoin and Ethereum donations.
Christina Lomazzo, United Nations Children’s Fund’s first head of blockchain, is spearheading the project. Currently, UNICEF subsidiaries in the US, France, Australia, and New Zealand have signed up to the fund.
The proceeds of the donation will be invested in blockchain projects that favor UNICEF’s cause. The contributions in BTC and ETH will not be converted into FIAT or any other investment asset as well; it will be put directly into the development of blockchain. The Crypto Fund will be put into innovation projects on the blockchain.
The funds have been limited to no more than 1,000 Bitcoins and 10,000 Ether. The fund has already received its first donation of 1 BTC and 10,000 ETH from the Ethereum Foundation. In total, the existing Innovation Fund has already backed six blockchain companies in a portfolio of 72 companies from 42 nations.
Small Steps for the UN or a Giant Leap for Crypto?
The investments in crypto have been limited at the moment. Moreover, the organization receives billions in donations every year. Whereas, the Crypto Fund will be working only with the blockchain innovation at the moment.
Nevertheless, it marks the beginning for the UN to start accepting crypto donations. Lomazzo told the press,
“What we really see it as is being ready for a digital future.”
Benefits of the Crypto Fund
Crypto funds can be successfully tracked on the public ledger of blockchains like Ethereum and Bitcoin. Hence, crypto donations mark the beginning of the process of verifiable donation. That is, there is complete transparency in the use of the contributions.
“We’re working on a way to actually have a visual that’s reading from each chain that shows money going in and flowing,” says Lomazzo. “So, you no longer have to trust in the organization that the money has gone there. You can actually go ahead and verify yourself.”
Furthermore, innovation at the United Nations Plaza is not subject to regulatory oversight. Due to the UN’s extraterritoriality, it has the freedom to operate it’s fund independently. This encourages the inclusion of crypto in the various national NGOs as well. However, the regulations in the countries again form a road-block.
Last but not least, the Ethereum Foundation is the primary technology backer of the project and leading donator as well. Aya Miyaguchi, Executive Director of the Ethereum Foundation told the press,
“The Ethereum Foundation is excited to demonstrate the power of what Ethereum and blockchain technology can do for communities around the world.”
How long do you think before crypto will join the mainstream donations arm at the UNICEF? Please share your views with us. 
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UNICEF Adds Six Blockchain Startups From Developing Nations to its Innovation Fund

International children’s charity UNICEF has announced that it will formally support a total of six new blockchain startups through the UNICEF Innovation Fund. As part of the programme, the firms will each receive a share of $100,000 in funding.
Most of the blockchain startups selected for membership in the fund are from a different developing nation. The ideas incubated in them will hopefully go on to increase efficiency and transparency in a variety of industries across the globe in those countries that need it most.
UNICEF Innovation Fund to Help Bring Benefits of Blockchain Tech to Developing Nations
The children’s charity division of the United Nations, UNICEF, clearly sees great promise for blockchain technology to overhaul whole industries, particularly those traditionally rife with fraud and corruption. Its Innovation Fund has already targeted firms specialising in other emerging technological sectors such as data scince, machine learning, virtual reality, and drone technology. The six startups from the blockchain industry will join another 20 fledgling companies from these disparate fields in receipt of funding.
The six companies named in a report by RTT News are: Argentinian enterprise-grade funding platform Atix Labs; Mexico’s Onesmart, which hopes to reduce corruption in emerging markets; medical records management platform Prescrypto (also based in Mexico); the Indian vaccination supply chain system provider Statwig; Utopixar from Tunisia, which is exploring blockchain’s application in community governance; and the W3 Engineers in Bangladesh. This final startup seeks to provide connectivity between economic migrants and refugees without the use of either internet and cellular phone technology.
Along with funding, the startups in the UNICEF Innovation Fund will also receive assistance with developing the projects themselves, along with guidance on growing the businesses.
UNICEF Continues to Explore Blockchain’s Potential in Charity Industry
Over the last year or so, UNICEF has been keen to explore how blockchain technology and cryptocurrencies can benefit charitable causes. NewsBTC has previously reported on the children’s charity’s effort to inspire video gamers to use their surplus hardware to mine digital assets to donate to charity.
Game Chaingers was launched at the start of this year and is raising money for those in need in war torn Syria. The system makes it as easy as possible for gamers to turn their unused processing power into donations to the charity.
A similar tactic was repeated by the charity later this year too. This time, UNICEF Australia launched an initiative called The Hopepage. This simple website allows visitors to donate as much of their own spare processing power as they like to mining the privacy-focused cryptocurrency Monero. The decision was made to mine Monero since it can still be profitably mined using the graphics processing units found in many normal computers today.
The charity is clearly practising what it preached in October of last year when a co-founder of its offshoot UNICEF Ventures, Chris Fabian, confirmed that it would use blockchain in whatever way it could to provide the most benefit:
“If we are in a place to look at designing our own token, look at others to help design theirs in a way that we can be a part of, and potentially also have a crypto-denominated investment fund, those would all be things that would be on our roadmap for the near future.”
Related Reading: Binance Teams Up with Malta to Create the Blockchain Charity Foundation
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