UNICEF Cryptocurrency Fund Announces Its Largest-Ever Investment It is a huge sign when the established entities of the world adopt a new piece of te
UNICEF Cryptocurrency Fund Announces Its Largest-Ever Investment
It is a huge sign when the established entities of the world adopt a new piece of technology. It shows legitimacy and adoption. It also helps towards further adoption and the increasing popularity of that technology. The same is happening with cryptocurrency. One after the other, well-established organizations are now actively making use of them. The latest in this line is none other than UNICEF.
Late last year, in October, it was reported that UNICEF has launched a crypto fund. It was also revealed that the organization will accept donations in Bitcoin and Etherum. It was regarded as one of the best pieces of news for the crypto industry. Now, it seems like the United Nations organization is back in news. It has just announced its largest-ever investment through its crypto fund.
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Crypto Investment Fund
UNICEF made a press release giving more details about the nature of its investment. It stated that eight technology companies in seven different emerging nations will receive crypto investment. The goal of UNICEF is to help solve local and global challenges with this investment.
The companies will receive a total of 125 ETH which is roughly worth $29,000. That might sound like a small investment but it is the largest crypto donation that UNICEF has made till now. Another point of note is that these companies have already received investments of $100,000 from UNICEF’s Innovation Fund. The crypto investment is just additional funding.
The eight investees are Afinidata, Avyantra, Cireha, Ideasis, OS City, StaTwig, Somleng, and Utopic. They are all expected to develop the prototypes, test, and scale their technologies within six months. Some of these startups are working to fight the ill effects of COVID-19.
Praise For Crypto
It seems like the use of cryptocurrencies has really impressed UNICEF. In the industry, everyone is aware of how easy and lightning-fast cryptos can be. And it is this that the people at the organization have experienced.
Chris Fabia, Senior Adviser, UNICEF Ventures said, “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.”
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He lauded the speed, transparency, and low-cost features of cryptocurrencies. He also said that they are seeing the digital world come at them more quickly than they had imagined. Highlighting the importance of this technology, he also said that UNICEF must be able to use all these tools. This shows just how quickly cryptos are expanding their reach.
More and more organizations around the world are expected to adopt cryptocurrencies for day to day use. It seems like cryptos are no longer the sole domain of tech enthusiasts. With donations, UNICEF has shown that the long-standing suggestions of the crypto industry actually work. Now, it’s just a matter of bringing them to real-world use. The tech is ready. The adoption is awaited.