ETC Labs contributes $1 million in the partnership with UNICEF Innovation

Ethereum Classic Labs (ETC Labs) collaborates with the UNICEF Innovation Fund by contributing $1 million to support blockchain-focused startups and solutions. In the latest statement, ETC Labs announced it would apportion $750k to global startup graduates of the UNICEF Innovation Fund and give $250k directly to the Fund.

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ETC Labs will support a number of technology firms

ETC Labs also said it intends to support a group of blockchain companies found through the UNICEF fund. The Ethereum Classic development firm will provide mentorship and training to startups interested in building products on Ethereum Classic.

James Wo, the founder of ETC Labs, said that the future of blockchain technology depends on use cases with social and economic effects. And CEO Terry Culver said the organization still looks to the “promise of blockchain” as a way to create social impact and enhance the quality of life, sharing the same vision with UNICEF.

ETC Labs said it will make investments in three additional companies which are identified for their impact on emerging markets, including OS City, a Latin American company using cloud computing, blockchain and artificial intelligence to improve government services; the Bangladesh-based W3 Engineers, who aims to bring Internet and cell network coverage to emerging markets using open-source blockchain technology; and Prescrypto, a Mexican-based healthcare app which helps securely send clinical data and prescription information.

UNICEF is now exploring digital assets

For the first time in United Nations organizations, UNICEF will use cryptocurrencies to fund open source technology benefiting children and young people around the world.

Chris Fabian, co-lead of UNICEF Ventures, said UNICEF keeps looking for places where distributed ledgers can create more efficiency in its work and partnerships. In fact, UNICEF has been researching both blockchain and cryptocurrency and launching a Cryptocurrency Fund that can receive, hold and disburse Ethereum and Bitcoin donations.

The release of the UNICEF Cryptocurrency Fund is part of UNICEF’s current work with blockchain technology. UNICEF co-leads the UN Innovation Network with WFP, which is responsible for researching the potential and risks of blockchain and other emerging technologies.

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