UNICEF, the United Nations charity, now accepts donations in bitcoin and ether through its newly-established UNICEF Cryptocurrency Fund making it the first UN organization to start accepting crypto. The announcement was made in a press release on Oct. 9.
“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.”
Donors sending cryptocurrency to UNICEF won’t pay fees, which is definitely a plus, as they would pay fees if they used other payment methods.
Unlike many traders, UNICEF won’t convert its cryptocurrency holdings into fiat, but instead will keep bitcoin or ether, or send it to charities. Charities, in their turn, will be receiving more of the funds without losing in commissions with traditional transactions.
By using cryptocurrencies in bitcoin and ether UNICEF will come across as transparent with its transactions which will likely attract donors who care about the funds they donate.
The first contributions to the UNICEF Cryptocurrency Fund came from the Ethereum Foundation, who applauded the initiative, and will benefit three grantees of the UNICEF Innovation Fund and a project by the GIGA initiative that aims to bring internet access to schools across the world.
UNICEF will use cryptocurrencies to fund open source technology benefiting children and young people around the world. Since cryptocurrency rates can fluctuate rather substantially, UNICEF will only accept crypto donations for short-term programs. Such programs include the ones that provide mosquito nets for Ebola and other viruses prevention, or food and water supplies to famine-struck areas.