UNICEF Cryptocurrency Fund Announces a Huge Investment Of 125 ETH in Developing and Emerging Economies
June 20, 2020 6:45 am
On June 19, 2020, eight technology companies from seven different emergent economies will receive an investment of 125 Ethereum (ETH) cryptocurrency from the UNICEF Cryptocurrency Fund, to improve prototypes, pilot, or scale their technologies over six months: Afinidata, Avyantra, Cireha, Ideasis, OS City, StaTwig, Somleng and Utopic.
UNICEF’s crypto-enabled investment vehicle has provided these companies 125 ETH, worth approximately $28,600, to develop their respective technologies over the next six months. Companies receiving this investment have already received as much as $100,000 in fiat currency from UNICEF’s Innovation Fund.
One such company, Afinidata, offers educational content to parents with young children. Another one, Cireha, builds communication systems for children with speech or language impairments to use in the offline world. These are companies with a mission, and UNICEF is giving them some cryptocurrency-enabled momentum to carry that mission further forward.
“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. 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 the 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.”–UNICEF Ventures co-lead Chris Fabian
Since the United Nations organization UNICEF, that protects the wellbeing of children around the world, at the same time works for a better future. As the UNICEF organization allocates money to tech companies around the world for the development of their open-source and digital public goods, it’s worth noting that blockchain technology appears to fit adequately into its plans for the future.