The United Nations Children’s Fund, commonly referred to as UNICEF, recently announced it will fund startups with a massive cryptocurrency investment. All in all, eight businesses across more than half a dozen nations will rely on the UNICEF cryptocurrency fund to create prototypes, implement and scale tech solutions. Some such efforts are steadfastly focused on reducing the fallout from the coronavirus pandemic.
About UNICEF’s Crypto Investment
UNICEF’s crypto fund is primarily designed to help startup businesses in developing/emerging countries. Businesses that will use their tech to improve quality of life for those affected by the coronavirus will receive the majority of the funding. UNICEF is a United Nations agency created to provide both developmental and humanitarian aid to kids in need of assistance across the globe. The group’s new cryptocurrency fund is dubbed the Cryptofund. The fund will help solve problems in individual nations as well as across the globe.
UNICEF’s cryptocurrency fund is poised to invest more than 100 ETH in more than half a dozen businesses spanning seven nations. Each investee already received upwards of six figures from the UNICEF Innovation Fund. These groups will be provided with the cryptocurrency to advance the development of both digital and open-source goods to benefit the greater good.
UNICEF Recognizes the Digital Transition
It is particularly interesting UNICEF is squaring its focus on the digital world. UNICEF is poised to take full advantage of the tools to help youngsters in need today as well as those who will need assistance across posterity. Most people are shocked to learn it took mere minutes to transfer the aforementioned cryptocurrency funds to companies spaced across the world. The fees for the transfer of funds amounted to less than .00009% of the aggregate value transferred.
UNICEF Funding Recipients
Out of the eight businesses provided with cryptocurrency from the UNICEF crypto fund, three of them are grantees provided with the fund’s initial crypto investment this past year. The remainder of the companies were selected from nearly 40 startup businesses that benefited from the UNICEF Innovation Fund. Such companies underwent technical evaluations, assessments pertaining to quality to gauge the viability of their tech solutions and other vetting.
Two recipients of UNICEF’s cryptocurrency are Indian nations: Statwig and Avyantra. The remainder of the recipients include Mexico’s OS City, Chile’s Utopic, Cambodia’s Somleng, Turkey’s Ideasis and Argentina’s Cireha.
Aside from funding, these businesses will also be provided with mentorship pertaining to business growth, technical guidance, user experience development and other forms of assistance. The infusion of funding is a bit surprising considering the fact that the UNICEF crypto fund was created merely eight months ago. Aside from providing tech companies with an infusion of crypto, the fund also has issued an open call for solutions pertaining to the blockchain, providing upwards of six figures in funding for parties willing to push this important aspect of the budding crypto industry forward.