Fifth Element, a firm that connects global capital with commercial real estate markets globally, has announced at the United Nations its SDG Impact Fund launch. It will be the first to accept and deploy traditional assets and all forms of cryptocurrencies and digital assets. The fund will work towards the mission of meeting the UN Sustainable Development Goals.
The Sustainable Development Goals Fund
Celsius Network, a decentralized lending and borrowing service for cryptocurrencies, is a founding member of the fund and will serve as its preferred wallet.
The fund aims to raise upwards of a hundred million dollars and deploy them through public blockchains using both fiat and cryptocurrency formats.
The UN Global Compact has held its SDG Frontier Finance forum event on September 21st, in conjunction with the International Day of Peace. The event consisted of a group of finance practitioners and experts who develop private financial instruments, which have the potential of driving private finance towards sustainability solutions.
Bryan Doreian, the Chief Development Magus of Fifth Element Fund announced the selection and partnership with Celsius during the forum. The event featured the first few donors to contribute to the fund. It also named Celsius Network as a founding member.
Scott Stornetta, an adviser to Celsius and one of the original inventors of blockchain technology, rejoiced in the technology used to power the project.
The adviser said:
“We see a great opportunity to use blockchain technology to deliver the value collected by different UN organizations in a more precise and effective way to the people and organizations that need it most.”
Assisting The UN’s SDGs With Cryptocurrency & Blockchain
The Fifth Element Fund intends on using the public blockchain as a means to incorporate ts global programs. It seeks to use blockchain technology to execute and monitor its mission accordingly with the UN Sustainable Development Goals.
The UN Sustainable Development Goals (SDGs) are a collection of 17 global goals set by the United Nations General Assembly. They constitute a part of the 2030 Agenda for Sustainable Development, which has set goals that cover social and economic development issues such as energy, urbanization, poverty, education and several others.
The Celsius Network is a lending and borrowing service for cryptocurrencies that allows users to earn interest and borrow dollars against their altcoins. It strives to empower people with the banking services usually reserved for the top 1 percent.
Alex Mashinsky, the CEO of Celsius, believes the platform grants users similar interest rates to those of Wall Street and that the partnership with Fifth Element is a worthy endeavor.
The CEO said:
“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. Joining forces with Fifth Element will ensure our services reach those most deserving.”
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