UNICEF released an official statement on its website stating that it has sent crypto funds to about eight companies that are developing technology to aid against the impact of COVID-19 on children.

What is UNICEF? 

Known for their support for the average struggling child, United Nations Children Funds (UNICEF) is an agency that has taken up the mantle to help save countless children's lives and help them fulfill their potential. They are known for working with agencies and partners around the world to ensure that the average child is given the proper care, protection, and attention.

The United Nations firm has worked tirelessly over the years to make sure the children's mortality rate across the world is reduced by making sure every child in distress is reached. The firm further works with agencies and partners to establish learning centers across the world so the less privileged child can gain access to quality education. UNICEF makes sure every child gets the much-needed assistance by aiding them in times of emergencies by providing funds in conjunction with their partners.

UNICEF invests 135 ETH in tech firms

According to the statement released, the firm stressed that their cryptocurrency wing has been charged with the disbursement of the funds to the tech companies. The firms, which are eight in number and are from developing countries, will enjoy the 135 Ethereum grant which totals around $30,000. The child support firm said that they specifically chose the firms because they were working tirelessly to help the average child in their respective countries limit the effects of the coronavirus pandemic in their countries.

The chosen tech firm included Afinidata, Avyantra, Cireha, Ideasis, OS City, StaTwig, Somleng, and Utopic. The companies were noted for carrying out a wide range of humanitarian services ranging from helping children with various special needs to the provision of basic amenities across their countries. Giving their reasons for choosing the companies, UNICEF said,

“Business growth mentorship, product, and technical assistance, open-source and UX and UI development, access to experts and partners, as well as opportunities to showcase their solutions."

About 8 Tech Companies 

1. StaTwig (Hyderabad, India) - StaTwig is working on improving transparency, reducing waste, and building trust in supply chains for critical products such as food and vaccines.
2. OS City (Latin America)- They are transforming government into a platform of digital services 
   
3. Somleng (Cambodia) - This firm is partnering with the Govt of Cambodia in scaling its low-cost Interactive Voice Response platform to send vital information about COVID-19.
4. Avyantra Health Technologies Pvt Ltd (Hyderabad, India) - fusing technology and innovation, to encourage and facilitate affordable healthcare in developing countries.
5. Utopic Studio (Región Metropolitana, Chile) - This tech firm is competent in immersive 3D and VR storytelling for all types of content.
6. Afinidata - A social enterprise enabling parents to help cognitive development of children under 6 by providing free weekly early childhood education activities.
7. Ideasis: Utilizing VR technology to address phobias and social anxieties
8. Cireha - This firm encourages communication for children and adults with speech and language impairments.

UNICEF latest investment, a game-changer?

Asides the fact that the United Nations child support firm has been working tirelessly in previous years to ensure a better tomorrow for the average child, many have seen their recent investment as a game-changer. The firm decided to adopt a crypto mode of transaction over the usual bank transfer - the former faster and costing less.

Back in 2019, UNICEF had rolled "a Bitcoin and ETH crypto fund" showing the real use case of cryptocurrency and how transparently these virtual currencies can be used for a social cause. 

However, talking about the advantage of making the transactions through crypto, Senior Adviser at UNICEF, Chris Fabian 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.”

The major reason why the latest investment by the firm is a game-changer in the industry is large because this is their first time of using such mode of payment, hence chances of a continued adoption is highly probable. With this recent adoption of the crypto payment method, major industries across the world will be open to using crypto as a means of payment, hence driving adoption.

Chris noted that unlike what he has been hearing about crypto in the previous years, the transactions were seamless, fast, and relatively easy compared to the normal long delay at the bank. He noted that the current lockdown necessitated the move, and he feels the transfer will be the first of many to come.

"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.

In conclusion, UNICEF's recent use of crypto to send payments to the respective tech firms shows that firms all around the world are learning to adopt crypto which would be a game-changer in the digital world. Other international organizations around the world will take up this initiative and start to adopt crypto on a larger scale.

Asides their collaboration with the eight tech firms, UNICEF is set to embark on a new project across Africa with Zambia their first point of call.