Cardano’s Support For UNHCR
• Cardano is launching a charity staking effort to support the UNHCR.
• This move shows how crypto and digital assets can be used for social good.
• A self-sustaining charity stake pool will be created for donors to commit their ADA tokens.
Non-Custodial Charity Stake Pool
The charity stake pool will be operated as a non-custodial program that will benefit all parties involved. Donating crypto helps the UNHCR receive a continuous stream of funds to power its humanitarian efforts, while donors receive the benefits of staking their ADA tokens. There is no limit to the amount of ADA that can be donated and 3.5 million ADA coins have been delegated to the pool by the Cardano Foundation and Switzerland Government. The pool will be operated by Taurus, a Swiss-based digital asset infrastructure provider.
Crypto For Social Good
Cryptocurrencies are increasingly being used for social good projects such as when hundreds of millions of donations were sent to Ukraine during its war with Russia last year, including from Cardano and Binance exchange which sent $10 million in funding as well as additional funds through BUSD.
Benefits Of Crypto Donation
Using cryptocurrencies for donations has many benefits such as transparency, security, speed and cost efficiency compared to other donation methods. Furthermore, they are less prone to fraud since they are immutable and easily traceable on the blockchain ledger system. Lastly, crypto donations provide an easy way to track contributions while allowing donors access over where their money is going since it can easily follow transactions on a public blockchain ledger system.
Cardano’s collaboration with UNCHR demonstrates how crypto assets can be leveraged for social good initiatives around the world in providing aid and assistance where needed most efficiently and securely using blockchain technology. With its unique features, cryptocurrency could potentially revolutionize charitable giving in making it easier for people to donate without having any administrative or legal hurdles in terms of sending money across borders or regions quickly and more cost effectively than ever before possible