WATCH: UNICEF's Crypto Fund Plans to Pay for Internet in Public Schools

UNICEF and the ethereum community are teaming up to help wire up needy schools.

AccessTimeIconOct 21, 2019 at 10:30 p.m. UTC
Updated Aug 18, 2021 at 11:45 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Plans are in place to allow non-profit UNICEF to use cryptocurrencies donated by the Ethereum Foundation and other organizations to fund internet connectivity in public schools around the world.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Announced at ethereum developer conference Devcon, UNICEF unveiled a cryptocurrency fund to receive, hold, and distribute bitcoin and ether donations .

    Making the first contributions to UNICEF’s Crypto Fund, the Ethereum Foundation donated 1 BTC and 100 ETH, collectively worth roughly $25,000 USD.

    According to UNICEF blockchain lead Christina Lomazzo and head of UNICEF Ventures, Chris Fabian, the funds will initially go towards providing and improving internet access in public schools around the world as part of an ongoing initiative called Project Connect.

    “Paying for school connectivity, seeing a light go on for a school [on the Project Connect map] and being able to record that on a ledger … this gives you a full cycle [of accountability],” said Fabian, adding:

    “I don’t know many other things that can show the power of a truly distributed financial system in that way.”

    Already the governments of Sierra Leone, Kazakhstan, Kyrgyzstan, and Kenya have shown interest in Project Connect and its blockchain-based system for internet connectivity payments.

    Digital payments, according to Fabian, are the way of the future for UNICEF and its parent organization, the United Nations.

    “We spent the last two years building up this capacity [of setting up a crypto fund],” said Fabian. “We’re sharing that capacity with other [UN] organizations so they don’t have to the same legal and finance work we did.”

    Stressing the need for social-impact orgs to adapt to current technologies, Fabian added:

    “We need to build up the muscles that will allow us to be ready for the future.”

    Christina Lomazzo and Chris Fabian via YouTube

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.