UNICEF invests $100,000 in Humanitarian Blockchain and crypto projects

UNICEF crypto fund wants to support blockchain startups dealing with COVID-19 and humanitarian challenges in emerging countries. The organization intends to spend $100, 000 to support the project.

The United Nations International Children’s Fund has shown a high interest in open-source technology over the past few years. The interest has led the organization to invest in some of the startups who have aligned goals with UNICEF and operating using block-chain technology.

The organization is also making increased efforts in that area to further expand its involvement in technology-driven startups.

An investment adviser at UNICEF Ventures, Cecilia Chapiro, recently revealed that the organization rolled out its innovation fund four years ago to support emerging technologies built in developing countries. Since then, it has supported more than 50 startups in 35 countries. She said the fund aims to help startups to grow, which will benefit children in emerging countries.

“We invest in technologies that have the potential to influence billions of people, especially children in emerging countries,” she said.

Chapiro said UNICEF’s interest in blockchain technology is the strong belief by the organization that technology will have a huge impact on the global environment. The innovation funding department of UNICEF, therefore, invested $100,000 to fund six startups.

In October last year, UNICEF, in collaboration with Ethereum Foundation, launched a cryptocurrency fund. Chiapiro said the crypto fund has the same goal as the innovation fund. The only different thing is the fact that the former is strictly made in cryptocurrency.

The innovation fund enables companies to get a year of portfolio experience through their participation. Chiapiro said UNICEF is investing the funds in companies with projects that can be strengthened and reviewed which will benefit several users. Even after the one-year program, UNICEF still offers support and link them up with additional investors.

UNICEF making huge investments in crypto

On the 20th of June, UNICEF was in the news as the organization made its biggest crypto investment. It spent about 28,000 (125 ETH) in eight open-source tech firms. Shortly after this investment, UNICEF revealed its plans to invest another $100,000 worth of both crypto and United States dollars on companies dealing with COVID-19 pandemic and other global challenges that impact the world.

The previous investment funding round saw StaTwig, an Indian-based startup firm benefiting from the fund. UNICEF also initially invested in Mexico-based startup OS city.