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Houbi donates $1 million to UNICEF to help boost blockchain development
Crypto News

Houbi donates $1 million to UNICEF to help boost blockchain development

Saudu Clement
Saudu Clement

The philanthropic arm of Huobi, a leading blockchain company, has committed $1 million to UNICEF to help foster global blockchain innovations that have the potential to impact children and young people across the world.

Huobi Charity Limited announced on Tuesday that it was giving $1 million in both Bitcoin (BTC) and fiat (USD) to the cause. The first part of the donation was in BTC, making it the first time UNICEF is receiving a Bitcoin donation from an institution since the launch of its CryptoFund.

Speaking of UNICEF’s CryptoFund, the new financial vehicle allows the company to accept, hold, and disburse digital assets. In addition to the UNICEF Innovation Fund, both initiatives provide fiat and cryptocurrency funding to early-stage startups that are beneficial to children.

Commenting on the donation, 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.

Huobi has already donated seven BTC (equivalent to $350,000 at the time of donation) to the UNICEF CryptoFund as part of its $1 million commitment. Huobi disclosed that the remainder will be distributed to the UNICEF Innovation Fund over the next three years.