Cardano Foundation Announces collaboration with UN Refugee Agency’s national partner in Switzerland. Switzerland for UNHCR, United Nations High Commissioner for Refugees, will launch a charity stake pool with Cardano as part of the collaboration. Taurus, a leading Swiss based digital asset infrastructure provider, will run the stake pool which includes 3.5 ADA, the native token of Cardano.
This second Annual Global Impact Challenge will see 80% of the stake pool rewards generated go directly to Switzerland for UNHCR’s operations supporting forcibly displaced people. The remaining 20% will support the organization’s funds for innovation projects. The challenge furthers the Foundation’s commitment to both leveraging the Cardano blockchain technology and directing its resources to effect positive change.
The Impact Challenge was launched at the Cardano Summit 2022, the largest ever in-person gathering of the Cardano community. With a main stage event in Lausanne, a virtual Summit Lodge, as well as 50 community-led events in multiple locations across the world, the Summit took place from 19 to 21 November and offered a variety of panels and keynotes about building on Cardano.
To support this Global Impact Challenge, the Cardano Foundation will create a specific wallet. The Cardano Foundation’s ada will be rebalanced across its 45 existing wallet addresses and a 46th wallet created, dedicated to the UNHCR stake pool. Going forward, this wallet will be used to delegate stake towards interesting initiatives which support the positive adoption of Cardano.
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Hovig Etyemezian, Head of Innovation at UNHCR, concluded:
The role of blockchain is supporting charities and the fundraising sector
The act of giving to charitable causes comes into the limelight at this time of year as individuals and companies assess how they can contribute to worthy causes. Blockchain technology has enabled new ways for organisations to support those who need it most. From innovative new marketing campaigns in the metaverse to fundraising with tokens, the world of fundraising is opening up to the potential of Web3 support.
As the world continues on the fast paced digital journey and moves towards increased transparency, charities have begun to understand that funding sources may come from multiple different sources in the near future.