fbpx
QQQ
-2.53
347.87
-0.73%
DIA
-4.77
343.42
-1.41%
SPY
-5.80
427.77
-1.37%
TLT
+ 2.44
140.60
+ 1.71%
GLD
-0.12
165.97
-0.07%

ETC Labs Donating $1M To UNICEF Innovation For Blockchain-Based Solutions

January 23, 2020 6:08 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
ETC Labs Donating $1M To UNICEF Innovation For Blockchain-Based Solutions

Ethereum Classic Labs is teaming up with the UNICEF Innovation Fund by donating $1 million to drive blockchain-based solutions for some of the world’s most serious problems, according to a crypto media and research platform the Block.

What Happened

ETC Labs said it would donate $750k to global startups qualified to receive early stage (seed) finance from the UNICEF Innovation Fund and $250k more straight to the Fund. 

ETC Labs also said it plans to support blockchain startups from the UNICEF Innovation Fund portfolio with mentorship and training on how to develop products on Ethereum Classic.

The CEO of ETC Labs, Terry Culver, made an announcement about the partnership on his Twitter.

The partnership is a step toward fulfilling the original “promise of blockchain” to deliver meaningful social impact solutions, said Culver, stressing on the fact that their collaboration with the UNICEF stems from a shared vision.

Echoing the view, ETC Labs’ founder, James Wo, said that the future of blockchain technology relies on how it would be used to drive social and economic impact.  

Companies Selected To Receive Funding

ETC Labs said it has already identified three companies for their first round of “follow-on” investment. The companies selected based on their work to create an impact on emerging markets are; OS City, a Latin American company that uses cloud computing, blockchain, and artificial intelligence to improve government services; W3 Engineers, a Bangladesh-based company that aims to provide Internet connectivity and cell network coverage to emerging markets using open-source blockchain technology; and Prescrypto, a healthcare app development company based in Mexico, which offers safe and secure clinical data transfer service.

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

Why Cannabis-Specific Cryptos Will Not Take On Mainstream, But Crypto In Cannabis Might

Since the eruption of altcoins, the crypto space has experienced a wide variety of wonders and unexpected events. Smart contracts, Lighting network, DeFi, scams, bubbles and failed projects to name some of the most obvious. In the midst of this frenzy, a fascinating concept appeared: Cannabis Crypto.  read more

Elon Musk Counters Kraken CEO On Bitcoin Being 'Greener' Than Critics Say

What Happened: Jesse Powell, CEO of crypto exchange Kraken, thinks Elon Musk has more to learn on the topic of Bitcoin mining. read more

Spacelens: Leveraging Blockchain In E-Commerce

Many industries are gradually embracing blockchain technology and cryptocurrency to adapt to the rapidly changing world. Spacelens, a decentralized e-commerce platform, is one of the leading companies championing blockchain integration in e-commerce. These companies like Spacelens are leveraging blockchain technology to offer new shopping experiences to their customers. read more

McLaren Racing Partners With Tezos Blockchain To Launch NFT Ecosystem

Motorsports giant Mclaren Racing partnered with Tezos (CRYPTO: XTZ) to launch a blockchain non-fungible token (NFT) platform for its fans. read more