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Many top organizations in the world are beginning to make use of blockchain technology and cryptocurrencies in their operations.
The asset class is becoming more available to people worldwide, and this has prompted organizations to accommodate these digital assets in their operations.
Blockchain technology and cryptocurrencies exist in tandem, and these technologies promise to revolutionize systems across various industries.
Cryptocurrencies allow their users to make seamless payments, and different kinds of systems can be built on a blockchain network.
The technologies carry properties such as increased security, transparency, faster processing speeds, and accessibility, which have been largely absent from traditional systems.
These properties make cryptocurrencies and blockchain highly attractive for many use cases.
UNICEF engages with cryptocurrency
The United Nations’ agency that deals with child welfare, UNICEF, has announced that it has launched a UNICEF Crypto Fund which will allow the body to receive donations in Bitcoin and Ethereum.
The fund will be spearheaded by Christina Lomazzo, the first head of the fund. All the funds raised through the crypto initiative will be used to fund blockchain projects that are associated with the core business of UNICEF.
UNICEF said that the funds that they receive will not be converted into any fiat currency.
The funds will also not be used as a form of funding for any investment asset that is traditionally used. Instead, the funds will be invested into the various blockchain beneficiaries.
UNICEF hopes to encourage innovation in the blockchain industry and benefit from the results of their investment into the different companies where investments will be made.
Expansion of donations received by UNICEF
UNICEF relies on donations to ensure that they carry out their mandate of providing children across the world with food and healthcare.
Due to the absence of a fund such as the one that has been launched now, there have not been many crypto donations made to the organization.
The fund will now allow crypto traders and crypto related businesses to make donations to the body with ease. UNICEF receives billions of dollars worth of donations every year, and the creation of a crypto fund will increase the number of total donations that the body receives.
Lomazzo said that this fund marks the beginning of a digital future for the child welfare body.
The crypto fund will give donors a platform through which they can keep track of the donations they have made and see what the donations are being used for.
Blockchain technology provides a transparent ledger that anyone can use to view the financial activity on a particular blockchain.
This transparency is important for bodies that make use of donations because there is usually controversy about what funds are being used for and the lack of transparency around these uses.
The head of the blockchain fund added that they are working on providing their donors with visual readings from each chain that will show any viewer the path that certain funds have taken.
This will create a new level of trust between the organization and its donors.