World Economic Forum releases report on cryptocurrencies

The World Economic Forum (WEF) and its Global Future Council on Cryptocurriencies have released its first report 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, cryptocurrencies have the potential to create new markets. Additionally, the World Economic Forum 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.