The adoption of Bitcoin into mainstream markets is very important for the cryptocurrency to reach its potential. Nods from global entities and governments are as important to the cause as they hold the power to prevent the asset class from furthering. A recent supporter of the cryptocurrency comes from the United Nations, as an agency under the UNO is launching its own crypto fund.
The UNICEF revealed that it is now the first organ of the UN that holds and conducts digital asset transactions in the form of cryptocurrency.
The mission is to handle emergency food and medical supplies and educating the children who find themselves in war and atrocities.
The fund is being called the UNICEF Cryptocurrency Fund and allows it to receive, hold and disburse donations via Bitcoin and Ethereum. The crypto will be used to fund open-source technologies that will benefit children across the world by disbursing funds directly. The first donation to the fund was made by Ethereum Foundation and will benefit three grantees from the UNICEF Innovation Fund.
Aya Miyaguchi, the Executive Director of Ethereum Foundation has said that this fund will help in improving access to basic needs, rights, and resources, and crypto as technology will improve a number of lives in the coming future.
The UNICEF has shown interest in crypto before this to help children in need. In 2018, they had launched the Hope Page which allowed donors to access the website and allow crypto mining which would then be donated to UNICEF Australia. According to UNICEF, crypto makes sending funds easier and faster to regions where tech infrastructure is dismal. Their approval and support of crypto is better for the emerging prospects of crypto in our world and shows how crypto can be used to better even third world countries.