UNICEF receives bitcoin donation worth nearly $400K from Huobi Charity

Apr 6, 2021 | The Block News | 0 comments

unicef-receives-bitcoin-donation-worth-nearly-$400k-from-huobi-charity

The United Nations International Children’s Emergency Fund (UNICEF) has received a bitcoin donation worth nearly $400,000 from Huobi Charity.

Huobi Charity told The Block that it donated 7 BTC to UNICEF “in the second half of Q1 2021” when 1 BTC was priced at around $50,000. At current prices, the 7 BTC is worth about $405,000.

Huobi Charity said it has committed a total of $1 million to UNICEF in bitcoin and USD. The rest of the funds will be donated over three years, the firm added.

UNICEF’s global innovation director Thomas Davin told The Block that Huobi Charity donated 7 BTC to the UNICEF Cryptocurrency Fund, and the rest of the committed funds will be donated to the UNICEF Innovation Fund.

The UNICEF Cryptocurrency Fund was launched in October 2019 and since then has received 2,267 ETH and 8 BTC from three donors, including Huobi Charity, Davin told The Block. (The ETH holdings are worth nearly $5 million, and 8 BTC is worth over $460,000 at current prices).

Out of the total donations received, the UNICEF Cryptocurrency Fund has made 12 investments, worth 1,225 ETH and 1 BTC, according to its website. Those investments are worth over $2.5 million at current prices.

“The CryptoFund makes crypto-denominated disbursements to companies that are developing software and data-driven solutions, or the research underlying these solutions, to address the most pressing challenges facing children and young people,” Davin told The Block.

“In the coming weeks, UNICEF is launching its next cohort of investments into companies developing blockchain solutions that can be useful for UNICEF in the field,” Davin added.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

South African Crypto Platform Revix Raises $4.1 Million

South African Crypto Platform Revix Raises $4.1 Million

The South African cryptocurrency investment platform, Revix, has reportedly raised about $4.1 million from its latest capital raise round. According to the firm, part of the raised capital will be used “to launch Revix’s mobile application, a variety of Fourth...

PayPal’s Venmo now allows users to buy and sell crypto

PayPal’s Venmo now allows users to buy and sell crypto

PayPal's social payment arm Venmo has officially launched the service to let its users buy, hold and sell crypto assets within its mobile app. The company said in an announcement that the service, called "Crypto on Venmo," starts to roll out on Tuesday and will be...

Former currency comptroller to become CEO of Binance US crypto exchange

Former currency comptroller to become CEO of Binance US crypto exchange

Former top U.S. banking regulator Brian Brooks is joining the U.S. affiliate of the world’s largest cryptocurrency exchange as its new CEO. Brian Brooks, the former acting comptroller of the currency of the United States Office of the Comptroller of the Currency, is...

Pin It on Pinterest

Share This