The United Nations charity for children, UNICEF, today announced the UNICEF Cryptocurrency Fund, a new funding method whereby UNICEF will receive, hold and disburse donations of Ether and Bitcoin.
Contributions will be held in either ether or bitcoin, and distributed in the same currency as was donated. UNICEF will accept crypto donations through national committees in France, the US, Australia, and New Zealand.
The crypto donations will be used to fund open-source technology that benefits children worldwide. The first contributions will be from the Ethereum Foundation and will be given to three grantees of the UNICEF Innovation Fund, as well as a project that will grant internet access to schools.
“Together with UNICEF, we’re taking action with the Cryptofund to improve access to basic needs, rights, and resources,” said Aya Miyaguchi, Executive Director of the Ethereum Foundation.
This is not the UN’s first foray into cryptocurrency; crypto is distributed in refugee camps in Jordan in place of food stamps.
“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,” said Henrietta Fore, UNICEF Executive Director.
Nor is it crypto’s first attempt at charity. Coinbase, Ripple and Binance have notably launched huge charity initiatives, raising and disbursing crypto worth hundreds of millions of dollars between them.