UNICEF has announced a $300,000 investment in blockchain firms as part of its early-stage open-source technology blockchain strategy.
The Innovation Fund will invest in three blockchain businesses, Leaf Global Fintech, Rumsan, and Xcapit, based on their beneficial humanitarian impact in terms of financial inclusion.
Leaf Global Fintech is a UNICEF’s innovation fund recipient, and it provides secure cross-border money storage. The blockchain firm gives East Africans unbanked access to financial services, allowing them to store multiple currencies, conduct cross-border payments, and pay for goods and services. UNICEF revealed the total amount of investment received by Leaf Global Fintech in fiat currency and cryptocurrency, totaling $48,900 and ETH 20.6936.
“The importance of reliable financial services, especially for those most excluded, cannot be understated.”
Rahat, which means “relief” in Nepalese, is a platform developed by Rumsan, a Nepalese blockchain firm and another Innovation Fund recipient. Their goal is to promote social and economic development by developing a digital aid distribution management system that enables the provision of humanitarian aid simple, efficient, and transparent. Nepal is home to a significant unbanked population living in poverty, compounded by recurrent natural disasters and a corrupt aid system. By maintaining a transparent, timely, and low-cost solution, blockchain technology resolves the ongoing challenges with aid distribution.
The third component of the Innovation Fund was awarded to Argentinian cryptocurrency firm Xcapit in $110,000 and ETH 43.78. The company encourages social mobility by educating young people about financial planning and saving:
“We are targeting children and young people, who can invest by themselves or with the help of a tutor. Even though some cannot invest, they can still learn about finance, financially plan their activities and learn how to save and invest, while being eligible for donations.”
In 2019, UNICEF announced the CryptoFund, a pooled bitcoin and ether fund that allowed them to use the benefits of blockchain technology and invest in blockchain firms as part of UNICEF’s Innovation Fund. The Innovation Fund provides business growth, mentorship, and access to the UNICEF network in addition to cash. A total of six blockchain firms have received money from UNICEF’s fund to date.