Celsius Network to Manage Funds for United Nations Initiative
Decentralized lending and borrowing platform Celsius Network will manage the Sustainable Development Goals Impact Fund (SDG Impact Fund) within the United Nations’ Sustainable Development Goals initiative, according to a press release published September 21.
The Sustainable Development Goals is an international program focused on bringing a “better and more sustainable future for all.” It addresses global challenges such as poverty, inequality, climate change, environmental degradation, prosperity, and peace and justice. The initiative aims to achieve a series of targets by 2030.
Per the announcement, the SDG Impact Fund will be launched by financial services firm Fifth Element with the aim to raise several hundred million dollars and deploy them in both fiat and digital format using a public blockchain. The fund will purportedly be the first to accept and operate all forms of crypto and digital assets in compliance with the UN Sustainable Development Goals.
Within the partnership with Fifth Element, Celsius Network is reportedly looking to “bring power back to the people” by providing banking services typically reserved for top tier asset owners. Celsius CEO Alex Mashinsky said that “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.” Scott Stornetta, adviser to Celsius, commented:
“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) embraced cryptocurrency by starting a charity drive for Syrian children, asking PC gamers to use their computers to mine Ethereum (ETH) and donate their earnings. Later in April, UNICEF Australia also announced an initiative that allows users to give their computer’s processing power to mine cryptocurrency for charity.