Blockchain-based lender picked to manage first UN fund to accept cryptocurrency
Blockchain has made its way to the United Nations (UN). Celsius Network, a blockchain-based borrowing and lending platform, has been chosen to manage the UN Sustainable Development Goals (SDG) Impact Fund, launched by financial services provider Fifth Element.
The SDG Impact Fund plans to raise several hundred million dollars, according to a statement from Celsius Network. These funds will be deployed in both fiat and digital format using public blockchains.
Celsius Network has joined the fund as a founding member and will be the fund’s preferred digital wallet. The fund will be the first to accept and deploy all forms of digital assets to help achieve the UN SDG.
Celsius Network aims to bridge the wealth gap by providing banking services that are usually reserved of the top 1 percent.
“By offering earned interest rates up to 7.1 percent, we allow individuals to make the same passive income Wall Street has been making for years. Joining forces with Fifth Element will ensure our services reach those most deserving,” Celsius CEO Alex Mashinsky said in a statement.
SDG is an international UN program, under which 17 goals are to be reached. These goals address challenges faced by countries across the world – poverty, inequality, climate change, environmental degradation, among others. As per the agenda adopted by world leaders in September 2015 at a UN Summit, the program intends to achieve all these goals by 2030.
UN and cryptocurrencies
This is not the first time that a UN program has introduced cryptocurrencies to their initiatives. Earlier this year, the UNICEF ran a charity drive for Syrian children by asking PC gamers to use their computers to mine Ethereum [ETH] and donate their earnings.
In April, UNICEF Australia had launched an initiative under which users could give over their computer’s processing power to mine digital coins, which could then be donated to the charity.
Image via Shutterstock
Join our Telegram group