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Ethereum Classic Labs donates $1 million to UNICEF Innovation

Image by Simon Berry from Flickr

Mon, 20 Jan 2020, 12:53 pm UTC

UNICEF Innovation has received $1 million from Ethereum Classic Labs (ETC Labs) for blockchain initiatives, Cheddar reported.

Terry Culver, CEO of Ethereum Classic Labs, announced ETC Labs’ partnership with UNICEF Innovation on Twitter by sharing his interview with Cheddar. According to Culver, they chose UNICEF as they have the same commitment.

“Because it is a premiere humanitarian organization and they share ETC Labs’ commitment in finding ways to use technology to help the people and to improve people’s lives today and that’s something we really believe in,” Culver explained.

Meanwhile, Cecelia Chapiro, Investment Advisor of UNICEF Ventures, explained how they will be working with ETC Labs. According to her, the UNICEF Innovation Fund invests in frontier technology including blockchain that helps the growth and development of children around the world. They use this through investments in fiat currencies and cryptocurrencies since last year.

Based on the data shared by the organization, UNICEF Innovation Fund has invested $7.1 million in 85 projects in 55 countries and aims to invest in 20 more startups every year.

Culver added that blockchain improves the delivery of important services both in private and government sectors. It promotes transparency and reduces corruption and it also provides financial inclusion.

Those who are in developing countries and do not have access to bank accounts or in the traditional financial system can use blockchain to save, spend and earn money with less hassle, he said.

One of the projects that this partnership will focus on, Chapiro said, will be to provide connectivity for unconnected people, particularly refugees.

In October 2019, UNICEF launched a cryptocurrency fund and they started accepting donations in bitcoins (BTC)and ether (ETH).

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