The United Nations Children’s Fund (Unicef) has announced its largest cryptocurrency investment funding of startups. Eight companies in seven countries will use Unicef’s crypto fund to develop prototypes, pilot, or scale their technologies. Several of them are working on mitigating the hardships resulting from the covid-19 pandemic.
Unicef Announces Largest Crypto Investment
Unicef Cryptocurrency Fund announced on Friday its largest investment of startups in developing and emerging economies. Companies receiving crypto funding include those that will use their technologies towards mitigating the hardships of covid-19. Unicef is a U.N. agency responsible for providing humanitarian and developmental aid to children worldwide. The announcement reads:
Eight technology companies in developing and emerging economies will receive investment from the Unicef Cryptocurrency Fund (Cryptofund) to solve local and global challenges.
The Unicef crypto fund will invest 125 ETH in the eight companies from seven countries “to develop prototypes, pilot, or scale their technologies over six months,” the announcement details. “All investees have previously received up to $100,000 from Unicef’s Innovation Fund and are now receiving cryptocurrency to continue the development of their open-source and digital public goods.”