UNICEF has just rolled out a cryptocurrency fund and has started accepting donations in bitcoin and ethereum, the non-profit organization announced yesterday.
The organization has said the goal of this initiative is to make use of crypto tech to fund projects to help children and young people around the world.
According to the announcement, UNICEF has become the first UN organization to hold and make transactions in cryptocurrency.
UNICEF executive director Henrietta Fore added:
"This is a new and exciting venture for UNICEF. 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."
The Ethereum Foundation is reportedly the first contributor to this new fund after sending 100 ethers - about $18,000 - to UNICEF.
This is not the first time the organization explores blockchain technology. For example, earlier this year it held talks with the Kyrgyzstan government to take advantage of blockchain technology to provide Internet access to all schools in the country.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.