Announced at the United Nations, Fifth Element is launching its SDG Impact Fund and will be the first to accept and deploy traditional assets and all forms of crypto, token and digital assets for the mission of meeting the UN Sustainable Development Goals.
Celsius Network is a founding member of the fund and will be its preferred digital wallet. The fund plans to raise several hundred million dollars and deploy them in both fiat and digital format using public blockchains.
At the SDG Frontier Finance forum event today, held in conjunction with the International Day of Peace, Bryan Doreian, Chief Development Magus, Fifth Element Fund, announced the selection and partnership. The event also included the first few donors to contribute to the fund. Celsius Network was named as a founding member.
Scott Stornetta, adviser to Celsius and one of the original inventors of blockchain technology, commented, “We see a great opportunity to use this 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.”
The Fifth Element Fund plans to use the public blockchain to implement its global programs and use the technology to both monitor and implement its mission in line with the UN Sustainable Development Goals.
Celsius Network aims to bring power back to the people by providing banking services typically reserved for the top 1 percent. “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,” says Celsius CEO, Alex Mashinsky. “Joining forces with Fifth Element will ensure our services reach those most deserving.”