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- Cardano is launching a charity staking effort to support the UNHCR.
- The move shows how crypto and digital assets can be drafted for social good.
The use of cryptocurrencies for donations is becoming a highly recognized venture and the Cardano Foundation is partnering with the United Nations High Commissioner for Refugees (UNHCR) to float a way for ADA holders to support the commission’s efforts. According to the update on the move by the blockchain protocol, a self-sustaining charity stake pool will be created for prospective donors to be able to commit their ADA tokens.
This move will help in supporting the work of the agency by creating a pathway for the steady receipt of funds that can power its humanitarian efforts. The Cardano Foundation said the UNHCR’s charity stake pool will be operated as a non-custodial program that will be mutually beneficial for all parties involved.
This non-custodial method is a hassle-free way of supporting the agency’s mission and all of its valuable efforts. By donating crypto, you’re helping UNHCR receive a continuous stream of funds to support its various initiatives. It’s a win-win situation where you’re able to contribute to a good cause while also receiving the benefits of staking your ADA,
There was no limit to the amount of ADA that can be donated to the UNHCR stake pool, however, the Cardano Foundation alongside the Switzerland Government has delegated a total of 3.5 million ADA coins to the pool. This stake pool will be operated by Taurus, a Swiss-based digital asset infrastructure provider.
Crypto for social good
Many digital currency projects are notably pushing for related social goods but Cardano remains a forerunner in this regard. When the war between Ukraine and Russia broke out last year, the Ukrainian government sent out an appeal to members of the public for support and one of the top featuring industries is the crypto world.
As reported by Crypto-News Flash at the time, hundreds of millions of crypto donations were sent to Ukraine including Cardano. Other companies that made impressive showings include Binance exchange which sent $10 million in funding as well as additional funds through Binance USD (BUSD).
Just like the way crypto was donated, so also were other blockchain-based assets like Non-Fungible Tokens (NFTs) also drafted in solidarity with Ukraine. With Bored Ape Yacht Club (BAYC) and CryptoPunks, two collections owned by Yuga Labs being donated for the course, the UNHCR has become more proactive and is also designing an NFT collection to identify its work with refugees.
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The collection was designed by Syrian cartoonist, Mohamad El-Hajj and it shows the travails of refugees and the call for more sensitization for these vulnerable people. The message in the artwork was resounding considering El-Hajj is also a refugee who fled Syria in 2013.
In all, crypto is helping to push the boundaries of social good and everyone can be a part of this great humanitarian work.
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