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.