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UNICEF Cryptocurrency Fund Makes Largest Investment In Startups

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The UNICEF Cryptocurrency Fund (CryptoFund) has made its largest investment in eight start-up companies that are expanding work to use their technologies to mitigate the hardships of COVID-19 on children and youth. They were selected from almost 40 start-ups.

The CryptoFund will invest 125 Ethereum cryptocurrency (ETH) each, worth about $29,000, in eight technology companies in developing and emerging economies from seven countries. This investment will help the start-ups to develop prototypes, pilot, or scale their technologies over the next six months.

The start-ups that received the investment include Afinidata from Guatemala, Avyantra and StaTwig from India, Cireha from Argentina, Ideasis from Turkey, OS City from Mexico, Somleng from Cambodia and Utopic from Chile.

All of them also previously received up to $100,000 from UNICEF's Innovation Fund. The Fund made its first cryptocurrency investment last year in three other start-ups.

These companies are collaborating with national governments and local partners to send vital messages on COVID-19, track the effectiveness of rice delivery to vulnerable communities, improve children's literacy through remote learning, treat pandemic and isolation-related anxieties, as well as other vital solutions.

The CryptoFund was launched in October last year to make the UN Children's agency the first UN Organization to hold and make transactions in cryptocurrency. It will enable the UNICEF to receive, hold and disburse donations in cryptocurrencies ETH and bitcoin.

The fund was established to use cryptocurrencies to fund open source technology to the benefit of children and young people around the world.

Under the structure of the UNICEF Cryptocurrency Fund, contributions will be held in their cryptocurrency of contribution, and granted out in the same cryptocurrency. It received the first contributions from the Ethereum Foundation through the French National Committee for UNICEF.

The launch of the UNICEF Cryptocurrency Fund is part of UNICEF's ongoing work with blockchain technology. UNICEF national committees of USA, Australia and New Zealand also accept cryptocurrency.

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