Ethereum Classic Labs has donated $1 million to the United Nations Children’s Fund (UNICEF), a United Nations agency saddled with the responsibility of offering humanitarian and developmental aid to children and young people across the universe.
The CEO of Ethereum Classic Labs, Terry Culver and the Investment Advisor and Blockchain Manager at UNICEF Ventures, Cecilia Chapiro, in a program on Cheddar, made this disclosure while speaking on why blockchain is helping UNICEF to achieve its goals.
The big boast given to UNICEF by the Ethereum Classic Labs will give the organization the opportunity to fund blockchain projects that are of great benefit to children and young people.
Terry said they decided to donate to UNICEF because it is a premier humanitarian organization. He said crypto offers the ability to send money without any hindrance in a cheap and fast means.
Cecilia, during the interview, said the fund would be used to finance innovation, cater for the needs of people in the war-turned region.
She said from now on, UNICEF will launch a new call for applications for blockchain solutions, singling out open-source technology as the major focus. The UN Organization will invest in digital public gold innovations, cryptocurrency.
Cecilia noted that UNICEF will now be able to receive, hold and disburse donations in cryptocurrencies like ether and bitcoin, through its newly-established UNICEF Cryptocurrency Fund.
In a statement in October 2019, the United Nations’ organization, UNICEF, said it will use cryptocurrencies to fund open source technology benefiting children and young people around the world.
Since then, UNICEF launched a cryptocurrency fund, requesting contributions from people and organizations in cryptocurrency. The humanitarian organization said it shares the fund in cryptocurrency as well.
“If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer,” Henrietta Fore, UNICEF Executive Director said in a press statement.
The UNICEF Venture Fund is a partner with innovators in UNICEF program countries to develop new solutions in their bid to meet up with the evolving challenges battling children.
Agharta Upgrade: A Reason for Ethereum Classic to Rise?
On January 12, Ethereum Classic announced the release of Agharta protocol upgrade on mainnet after several successful tests. The Agharta release introduced the ETH Constantinople opcodes to ETC mainnet, with certain changes that includes:
- Constantinople bitwise shifting instructions
- Constantinople skinny CREATE2 opcode
- Constantinople EXTCODEHASH opcode
Ethereum Classic thought about the Agharta upgrade to make its network more interoperable, and compatible with ETH.
The development was no doubt a good one for the Ethereum fork project, considering the ballistic value rise seen by Ethereum Classic a few days later as the entire crypto market tries to take charge against the bearish forces of the market.
Yesterday, Ethereum Classic price rallied up by about 100% after the cryptocurrency moved from $5,07 to $10,11. The magical rise also made the market cap of the cryptocurrency skyrocket, placing the ETC among top 10 largest cryptos on the market table.
However, after a slight decline, Ethereum Classic’s rank on the table dropped, and at present, it sits on the 14th position.