Ethereum Classic Labs Commits $1M USD In Partnership With UNICEF Innovation Fund

Ethereum Classic Labs has announced a $1 million commitment to a partnership with the UNICEF Innovation Fund to support social impact blockchain initiatives in emerging markets.

Ethereum Classic Labs is a core Ethereum Classic development and accelerator organization with a mission to advance the development, utilization, and adoption of the Ethereum Classic community, core technology, and ecosystem through ETC Labs Core and ETC Labs Accelerate. ETC Labs has built development tools and a configuration suite to make it easier and faster for developers to create decentralized applications with a secure and stable Proof of Work (PoW) consensus algorithm.

The partnership with the UNICEF Innovation Fund will provide funding, mentorship and technical resources for blockchain startups that are working on social impact projects in emerging markets. The goal is to expand the availability and use of impactful blockchain applications that solve social issues.

ETC Labs will directly invest $750,000 in global startups that have graduated from the UNICEF Innovation Fund. Blockchain companies selected from the UNICEF Innovation Fund portfolio will also receive support for project creation from the acclaimed developer team at ETC Labs Accelerate. As part of the partnership, ETC Labs will contribute an additional $250k to the UNICEF Innovation Fund to help promote the creation of digital public goods and the adoption, use, and development of blockchain solutions across the blockchain ecosystem.

“ETC Labs is committed to driving forward and fulfilling the original promise of blockchain to deliver meaningful social impact solutions,” said Terry Culver, ETC Labs CEO. “We’re honored and excited to work with UNICEF; we share a common vision of harnessing blockchain to improve people’s lives in some of the most challenging contexts around the world. This partnership with the UNICEF Innovation Fund will serve as the delivery vehicle to accomplish this goal.”

According to a press release, three companies, including OS City, W3 Engineers and Prescrypto, have already been selected for investment based on their ability to deliver social impact and tech advancement, as well as their capacity to improve the lives of people.

“Blockchain technology gives us opportunities to revisit existing problems – like the transparency and speed of moving value in large systems – and examine at them in new ways,” said Chris Fabian, co-lead of UNICEF Ventures. “While there is a great deal of hype around the idea of secure, distributed databases, there are also many opportunities for new organizational efficiencies. UNICEF has looked at making our contracting with partners more efficient, using blockchain technology in Kazakhstan, and of course is now moving value from donors to companies that we fund in a matter of seconds on these public, transparent ledgers.”

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