In yet another instance of the United Nations embracing cryptocurrency, Celsius Network, a blockchain-based borrowing and lending platform, has been shortlisted to manage the UN Sustainable Development Goals (SDG) Impact Fund.
The Sustainable Development Goals is an UN global program aimed at nurturing a ‘better and more sustainable future for all.’ It addresses global challenges such as poverty, inequality, good health and well-being, quality education, clean water and sanitation, climate, environmental degradation, peace and justice. The initiative intends to achieve each Goal by 2030.
According to a statement from Celsius Network, SDG Impact Fund plans to raise several hundred million dollars. Launched by financial services provider Fifth Element, the funds will be deployed in both fiat and digital format using a public blockchain. The fund will supposedly be the first to accept and operate all forms of crypto and digital assets to achieve the UN Sustainable Development Goals.
Within the partnership with Fifth Element, Celsius Network is reportedly looking to restore power back to the people by providing banking services usually reserved for the A class asset owners.
Celsius CEO Alex Mashinsky stated, “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.”
This endeavor promises to go a long way in narrowing the ever-prevalent wealth gap.
Adviser to Celsius Scott Stornetta, also remarked, “We see a great opportunity to use this technology to deliver the value collected by different U.N. organizations in a more precise and effective way to the people and organizations that need it most.”
In February, the United Nations International Children’s Emergency Fund (UNICEF) welcomed cryptocurrency by starting up a charity drive for Syrian youngsters. It asked PC players to use their computer systems to mine Ethereum (ETH) and donate their gains. Later in April, UNICEF Australia introduced an initiative that allowed customers to give over their computer’s processing power to mine cryptocurrency as a donation to the charity.