If bitcoin and crypto have to reach the height stakeholders have projected, there needs to be a wide use and adoption by the mainstream public.
Global government establishments yield an enormous power when it comes to the acceptance of a global currency.
That’s the reason why the recent activity by the UNICEF on the crypto fund is a welcomed development for the growth of the cryptocurrency.
Just recently, the organization decided to start up its crypto fund. According to the entity, it will hold, receive, and hand out donations of Ether and Bitcoin.
The main goal for the organization is to support open source technology for children all over the world.
Whatever role UNICEF is playing in the blockchain industry, it is indeed a beneficial one to the cryptocurrency industry.
On Wednesday, the organization announced that it would be the first among all UN organizations to receive and distribute funds in the digital cryptocurrency.
It will receive in crypto and send out as a grant in the same form.
Collaboration with Ethereum
UNICEF also states that Ethereum Foundation made the first contribution of crypto to the organization. It also added that the contribution would be in the form of a grant through the UNICEF Innovation Fund.
The organization has already selected the grantees that will receive the fund. The companies are Utopixar, Atix Labs, and Prescrypto.
These firms are selected because of UNICEF’S focus on community engagement, matching investors with readily available funds, as well as prescription tracking.
Subsequent donations the organization receives will be given out in grants in the same crypto form.
In a keynote speech delivered by the executive director of Ethereum Foundation, Aya Miyaguchi, the crypto firm has sent about 100 Ether, valued at $18,000 to UNICEF.
While confirming Miyaguchi’s statement, the Executive director of UNICEF Henrietta Fore, said this era of collaborating with cryptocurrency is a new and exciting one.
He also stated that they are partnering with UNICEF to improve access to resources and gain more economic advantage.
She pointed out that the organization is on the right track to explore the opportunities digital currencies provide, as long as they have the potential to shape the lives of future generations.
UNICEF stamps its approval on cryptocurrency
Already, UNICEF has adopted the cryptocurrency fund as one of the areas they can give out grants to startups and emerging companies to help them expand their reach and resources.
As long as blockchain involves improved technology, there is a need to adopt the system for wider goals.
Earlier this year, UNICEF met with the government of Kyrgyzstan to discuss how to provide internet access across schools using blockchain technology.
UNICEF’s interest in blockchain technology began in December last year when it invested $100,000 in 6 blockchain startups.
The aim is to improve finances and resources and deliver transparency in the healthcare sector.
The international organization has seen the enormous benefits of blockchain technology.
And as government agencies pick interest in the platform, the projected growth of the cryptocurrency by stakeholders will keep getting close.
UNICEF’s approval stamp on crypto is a good sign for the growth and widespread use of cryptocurrencies to solve world problems.