Huobi's Gib-registered charity pledges $1m to help UNICEF drive social change through tech
A Gibraltar-registered charity linked to a global blockchain business has committed $1m in bitcoin and fiat currency to UNICEF to help foster global blockchain development and innovation with the potential to impact children and young people.
The funds were pledged by Gibraltar-registered Huobi Charity Limited, the philanthropic arm of Huobi Group, one of the world’s leading blockchain companies.
The donation marks the first extensive institutional BTC donation accepted by UNICEF.
Funds will be distributed to the UNICEF CryptoFund, a new financial vehicle allowing UNICEF to receive, hold and disburse cryptocurrency, and UNICEF’s Innovation Fund, a pooled fund specifically designed to finance early stage, open-source technology that can benefit children.
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.
The Innovation Fund has received contributions of $34.9M USD, 2267 ETH and 8 BTC.
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 for people around the world.
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 around the world.
“Huobi Charity shares in UNICEF’s vision to match today’s challenges with tomorrow’s solutions, including through the advancement of open source, decentralized 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.”
Leon Li, Founder and CEO of Huobi Group, said: “We are ecstatic about making this donation to UNICEF as we explore the integration of blockchain technologies into other industries.”
“Our focus is on the future, so we recognize the significance of UNICEF’s work and the importance of supporting and facilitating the growth and development of children around the world.”
Reacting to the announcement, the Government of Gibraltar said it was delighted to recognise the generosity of Huobi Group.
Chief Minister Fabian Picardo said: “Huobi are an established and integral part of Gibraltar’s Distributed Ledger Technology (DLT) cohort of licensed firms.”
“It gives me great pleasure to congratulate them on their generosity in making this charitable commitment through a Gibraltar registered charity particularly in such an innovative way.”
The charity was advised on its set up and establishment in Gibraltar by Gibraltar-based law firm ISOLAS.