UNICEF put 135 ETH, worth roughly $30,000, into eight technology startups across seven developing countries on Friday. The fund focused on companies developing humanitarian solutions, with emphasis on
UNICEF put 135 ETH, worth roughly $30,000, into eight technology startups across seven developing countries on Friday. The fund focused on companies developing humanitarian solutions, with emphasis on work protecting children during the COVID-19 pandemic.
UNICEF made its largest cryptocurrency investment in this round. The eight winners came from a pool of 40 startups in the organization's Innovation Fund. All had received up to $100,000 in previous funding to build open-source software and digital tools. UNICEF evaluated candidates on technical merit, the quality of their open-source solutions, demonstrated impact, and other factors.
The selected companies are Afinidata, Avyantra, Cireha, Ideasis, OS City, StaTwig, Somleng, and Utopic. Their missions span different humanitarian needs: one helps children with speech disorders, another works with governments on food safety compliance. The teams use artificial intelligence, data science, and blockchain to build their projects.
Beyond the capital, UNICEF will supply business mentorship, product and technical assistance, open-source and UX/UI development, and access to experts and partners. The companies gain opportunities to showcase their solutions through UNICEF's networks.
Crypto transfers delivered tangible benefits over traditional methods. Chris Fabian, senior adviser at UNICEF Venture, emphasized the speed and cost. "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," he said. The transaction expenses represented less than 0.00009% of the total moved. Donors and supporters watched the process unfold in real time.
Fabian also highlighted the transparency advantage. "Almost instant global movement of the 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," he said.
The organization will continue exploring blockchain and crypto applications. Its Innovation Fund and Crypto Fund are taking applications from teams developing blockchain-based solutions to humanitarian problems.
"We are seeing the digital world come at us more quickly than we could have imagined – and UNICEF must be able to use all of the tools of this new world to help children today and tomorrow," Fabian said.
