UNICEF is putting money into several blockchain startups

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The nonprofit organization has disclosed seven investments totaling more than $500,000.00.

UNICEF, the UN’s children’s agency, has announced that it will invest in seven blockchain firms.

UNICEF makes a seven-startup investment

Grassroots Economics, Rahat, BX Smart Labs, Leaf Global, Xcapit, Kotani Pay, and Somish Blockchain Labs will all get funding from UNICEF. The businesses will get a total of more than $500,000 in ETH and currency.

Grassroots, which will get 40.5 ETH ($104,000), is a platform that lets communities create their own tokenized currency. BX Smart Labs will receive 18.9 ETH ($48,000) and provide a savings and lending platform powered by community savings circles.

Rahat, a blockchain platform from eSatya(Rumsan) located in Nepal that delivers tokenized help to communities, will get $100,000.

Leaf Wallet is a lightweight bitcoin wallet developed by Leaf Global that may be used on basic telephones rather than smartphones. It will get 20.7 ETH ($53,000) in addition to $48,900 in cash.

Xcapit is a Latin American company that leverages blockchain and artificial intelligence to deliver financial services; it will earn 43.8 ETH ($112,000).

Users in Kenya may use Kotani Pay to send money and convert cryptocurrency to fiat currency. It will earn $51,000 in exchange for 19.9 ETH.

Somish Blockchain Labs will get $50,000 for their GovBlocks governance tool for web3 firms.

Each blockchain company caters to populations who are “unbanked” or have limited access to bank accounts and other financial services.

On June 8 and 9, 2021, the investments were unveiled.

The cryptocurrency fund of UNICEF

UNICEF established CryptoFund, a pool of Bitcoin and Ethereum cryptocurrencies, in October 2019. It had invested in twelve blockchain firms across eight countries in less than a year.

The fund has been renamed the UNICEF Innovation Fund. According to current figures, UNICEF has spent $10.1 million in total through this fund, with $920,000 going to blockchain initiatives specifically.

UNICEF has also received donations from the Ethereum Foundation and has previously mined bitcoin.

Other UN divisions have also experimented with blockchain technology. The United Nations World Food Programme has employed blockchain for payments, and the UN Office on Drugs and Crime has launched crypto crime prevention training programs.

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