UNICEF rolls out massive Crypto Fund investment on tech firms

The UNICEF Cryptocurrency Fund recently announced an open call for tech companies to formally apply for a $100,000 grant for cryptocurrency funding projects.

Since the announcement, the organization has pledged to give 8 technology firms from different countries an investment of Ethereum cryptocurrency.

The crypto-based investment of the organization will offer these companies 125 ETH ($28,000) each. Based on the announcement, the funding will be utilized in improving or expanding their respective technologies for the next six months. UNICEF Innovation Fund had already given the awardees benefiting from this investment a package about $100,000 for their respective projects.

One of the beneficiary company, Cireha, designs communication methodology for children with language or speech disabilities to benefit them in the real world.

Another company, Afinidata, provides educational materials and contents to help parents teach their young children at home.

Additional incentives included

Apart from the funding, UNICEF plans to give open-source access, technical assistance, business growth products, and mentorship to the awardees. The organization will also allow them the opportunity to showcase their business models.

UNICEF says it’s selecting these companies because their mission coincides with the organization’s goals of educational empowerment, especially among the younger generation. It is also supporting them with some cryptocurrency incentives to spur their passion a bit further and help them achieve the desired goals.

In a statement credited to Chris Fabian, co-lead of UNICEF Ventures, “we are seeing the digital world come at us more quickly than we could have imagined”.

He further stated that in line with this rapid development, UNICEF desires to help children now and in the future.

Transfer already made to eight firms

It didn’t take much time to transfer these funds to 8 firms from seven different countries around the world. UNICEF stated that it costs the organization about $20 and less than 20 minutes to complete these transfers. With this speedy approach, it’s real-time transparency for UNICEF supporters and donors.

UNICEF has always strived to maintain its goal of helping children all over the world by working for a better future. It says this recent development is in line with such a goal. The organization seems to have embraced blockchain technology, as it distributes cryptocurrency to tech companies around the world.

UNICEF stated that with the current stagnant global business environment, open-source solutions that address important needs of the society are now more vital than ever.

Reprinted from invezz, the copyright all reserved by the original author. #cryptocurrency#