UNICEF Crypto Fund Invests 125 ETH in 8 Startups
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21 June
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Backed by UNICEF crypto fund has announced it will invest 125 ETH (up to $100,000) in eight tech companies, the fund announced on Friday, June 19.

The investments from the CryptoFund will solve local and global challenges for the following startups: Afinidata, Avyantra, Cireha, Ideasis, OS City, StaTwig, Somleng and Utopic.

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The startups are reportedly collaborating with governments and local partners to send vital messages on COVID-19, track the effectiveness of rice delivery to vulnerable communities, improve children’s literacy through remote learning, an official press release states.

UNICEF Ventures Senior Adviser & Co-Lead Chris Fabian says UNICEF must be able to use all the tools of new digital 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 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," Fabian added.

The selected startups will also receive business growth mentorship, product, and technical assistance, open-source and UX and UI development, access to experts and partners, as well as opportunities to showcase their solutions.

iHodl earlier reported that UNICEF created a cryptocurrency fund and started accepting donations in bitcoin (EXANTE: Bitcoin) and ether (ETH).

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The organization said the goal of this initiative is to make use of crypto tech to fund projects to help children and young people around the world.

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