UNICEF handed million dollar donation with Bitcoin from Huobi
Global blockchain company Huobi has donated seven Bitcoins and fiat worth a million dollars to UNICEF to help create blockchain innovations that will benefit vulnerable children throughout the world.
The group’s philanthropic arm – Huobi Charity Limited – which is regulated by the Charity Commissioners of Gibraltar has committed the huge donation to the UNICEF CryptoFund, a new financial vehicle allowing UNICEF to receive, hold, and disburse cryptocurrency, together with UNICEF’s Innovation Fund, a pooled fund specifically designed to finance early stage, open-source technology that can benefit children.
The Innovation Fund has received contributions of $34.9M USD, 2267 ETH and eight BTC. The donation marks the first extensive institutional BTC donation accepted by UNICEF (United Nations International Children’s Emergency Fund).
As digital currencies like BTC see record adoption globally, major institutions and organisations such as UNICEF are implementing blockchain and cryptocurrency, as well as other forms of emerging technology, into their initiatives to expand services and opportunities.
UNICEF’s CryptoFund and Innovation Fund are providing both fiat and cryptocurrency investments to early-stage start-ups to help accelerate technological innovation to benefit children.
Launched in 2016, UNICEF’s Innovation Fund is the first financial vehicle of its kind in the United Nations investing in early stage, open-source, emerging technology with the potential to impact children on a global scale.
Emerging technologies
Its core motivation is to identify “clusters” or portfolios of initiatives around emerging technologies so that UNICEF can both shape markets and also learn about and guide these technologies to benefit children.
The Fund invests in solutions clustered around $100 billion industries in technology spaces such as blockchain, virtual and augmented reality, machine learning and artificial intelligence.
“Huobi Charity shares in UNICEF’s vision to match today’s challenges with tomorrow’s solutions, including through the advancement of open source, decentralised technology that can benefit children and young people,” said Thomas Davin, Director, Office of Innovation at UNICEF.
“Together, Huobi Charity and UNICEF aim to shape the impact that crypto can have on driving and accelerating results for children.”
Huobi Group has long been committed to driving blockchain innovation and adoption across the globe. As the industry matures, the group is looking for new ways to leverage its resources and influence.
“We are ecstatic about making this donation to UNICEF as we explore the integration of blockchain technologies into other industries,” said Leon Li, Founder and CEO of Huobi Group.
“Our focus is on the future, so we recognise the significance of UNICEF’s work and the importance of supporting and facilitating the growth and development of children around the world.”
As part of the $1 million commitment, Huobi has already donated seven BTC to the UNICEF CryptoFund, which was estimated at a value of $350,000 at the time of donation. The remainder will be distributed to UNICEF’s Innovation Fund over the next three years to support early-stage, open-source projects and UNICEF’s ongoing explorations toward a digitally financed future.