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.