The fund has allotted 125 ETH, equaling roughly $28,600 in fiat currency, for utilization in updating or modeling their appropriate technologies over the forthcoming six months.
Enterprises, which have been selected for the grant, have already received up to $10,000 in the form of fiat money from the fund.
Afinidata is one such startup offering educational materials to parents of young childrend. Likewise, another company Cireha is creating an offline communication training platform for children with language or speech disabilities.
Being companies with high objectives, UNICEF is granting them some reward in the form of cryptocurrencies to continue moving forward.
UNICEF Ventures co-lead Chris Fabian stated:
“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. 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. Almost instant global movement of value, fees of less than 0.00009% of the total amount transferred, and real-time transparency for our donors and supporters are the types of tools we are excited about.”
UNICEF, a UN organization primarily involved in the safeguard of children across the globe, is also taking initiatives for their better future.
As the institutions grants money to tech firms across the globe, blockchain technology, in all likelihood, is suited for its future plans.