The World Economic Forum and its cryptocurrency-focused Global Future Council released its inaugural report yesterday to highlight the importance of cryptocurrencies. The Switzerland-based organization mentioned the key metrics of leading digital currencies including Bitcoin, Ethereum, Ripple, Tezos, and Litecoin.
According to the report released on 17 December, cryptocurrencies have the potential to create new markets. The World Economic Forum also outlined the importance of blockchain technology and use cases of digital assets beyond cryptocurrencies.
UNICEF CryptoFund, a cryptocurrency-denominated venture fund within the United Nations has made 12 investments totaling 1,225 Ethereum and 1 Bitcoin in startups located in 8 countries worldwide, according to the details mentioned in the report.
The World Economic Forum highlighted the usage of blockchain technology in the World Food Program (WFP). More than 106,000 Syrian Refugees in Jordan received food assistance through blockchain technology. So far, refugees received around $23.5 million worth of entitlements through 1.1 million blockchain transactions with 98% savings on bank fees.
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Commenting on the recently released report, Sheila Warren, Head of Blockchain, Data, and Digital Assets at the World Economic Forum, said: “The WEF’s network of Global Future Councils helps us stretch our imaginations and harness innovation to shape a more inclusive future. This Council will move us toward greater awareness and understanding of the benefits, and risks, of cryptocurrencies, while helping to ensure that the benefits are ultimately made accessible to the entire global economy.”
World Economic Forum’s Crypto Efforts
WEF recently announced its Global Future Council on Cryptocurrencies to evaluate important opportunities and challenges of the digital assets. The Forum appointed Meltem Demirors, Chief Strategy Officer of CoinShares, and Cuy Sheffield, Head of Crypto at Visa as Co-chairs. The report shows that the World Economic Forum is committed to exploring different opportunities within the crypto market. “Cryptocurrencies have the potential to create new markets and forms of value exchange that can fuel growth in the global economy,” Sheffield commented.
Demirors said, “Many of the conversations you’ll hear about cryptocurrencies, and much of what we aim to do in this council, is actually not about technology. Rather, meaningful analysis of bitcoin and other cryptocurrencies is about imagining what could be possible in the future with this new technology, which creates a new set of social, political, and economic tools.”