The United Nations Children’s Fund (UNICEF) has formally launched a fund to enable donors to make donations using the bitcoin and ether digital currencies, CNBC reports. The UNICEF cryptocurrency fund will be used for donation storage and distribution of those donations.
In a Wednesday press release, UNICEF Executive Director Henrietta Fore stressed the need for her organization to keep pace with technological innovation:
“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. The creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”
The decision to accept digital currency donations comes less than five years after the UN Innovation Network was created to study the risks and potential benefits of new technologies like blockchain.
The Ethereum Foundation has reportedly pledged to be the new fund’s first donor. That donation has already been earmarked for distribution to “three grantees of UNICEF’s Innovation Fund, which connects schools around the world to the internet.”