Eight Technology Companies Receive 125 Ethereum From UNICEF Cryptocurrency Fund

UNICEF Cryptocurrency Fund (CryptoFund) will invest 125 Ethereum (~$28,600) in a total of eight technology companies from seven countries with developing and emerging economies according to a press release published on the UNICEF website on 19 June 2020.

The UNICEF’s Cryptocurrency Fund (CryptoFund) investment of 125 Ethereum in these eight companies is to help them within the next six months develop prototypes or scale-up their already existing technologies. These eight technology companies have previously received up to $100,000 fiat investment from UNICEF Innovation Fund and are now receiving extra investments in cryptocurrency through the CryptoFund. The companies include Afinidata, Avyantra, Cireha, Ideasis, OS City, StaTwig, Somleng and Utopic.

Senior Adviser, co-Lead, UNICEF Ventures, Chris Fabian had this to say:

We are seeing the digital world come at us more quickly than we could have imagined – and UNICEF must be able to use all of the tools of this new world to help children today and tomorrow.

He went further to say:

The transfer of these funds – to eight companies in seven countries around the world – took less than 20 minutes and cost us less than $20. Almost instant global movement of value, fees of less than 0.00009% of the total amount transferred, and real-time transparency for our donors and supporters are the types of tools we are excited about.

See Also: How Blockchain Technology Can Help Charity Efforts

The eight technology companies were selected from over 40 startups that have all graduated from the UNICEF Innovation Fund. They are the second batch of companies to receive investments from the UNICEF Cryptocurrency Fund. In its inaugural year in 2019, three technology startups received the CryptoFund’s first cryptocurrency investment.

The UNICEF Innovation Fund and CryptoFund is currently providing funding of up to $100,000 in fiat and cryptocurrency to startups providing blockchain solutions to solve vital problems like mitigating the hardship of COVID-19 on children and youth around the world. For more details on how to apply check here: https://www.unicef.org/innovation/applyBlockchainCrypto