The UNICEF Innovation Fund has announced a $300,000 investment in Leaf Global Fintech, Rumsan, and Xcapit, three blockchain firms.
The goal is to give seed investment to open-source technology firms in emerging countries that have a positive humanitarian impact, especially in the area of financial inclusion. One of the benefits of blockchain is that it eliminates intermediaries, saving money for the most disadvantaged.
Leaf Global Fintech, based in Rwanda, has received $48,900 and ETH 20.69 ($51,700) for its cross-border digital wallet, Leaf Wallet. Powered by the Stellar blockchain, Leaf allows East African users to store money in multiple currencies, make low cost remittances, pay for goods and services and exchange currencies.
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Unicef funded the firm because it allows the unbanked to save money and reduce payment costs. Microloans are on the horizon as well.
Leaf intends to utilize the UNICEF funding to expand into three more African nations and form partnerships with banking institutions to incorporate the service into retail outlets.
The open-source, blockchain-based digital assistance distribution system Rahat, built by Nepalese blockchain business Rumsan, was awarded $100,000 for its open-source, blockchain-based digital help distribution system, especially for natural catastrophes. The technology streamlines the provision of humanitarian supplies by lowering long transfer periods and hefty overhead costs by utilizing mobile-based blockchain tokens. Aid organizations can distribute relief fund tokens to clients using Rahat’s online dashboard, which may then be redeemed at partnering local merchants.
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Xcapit, an Argentinian cryptocurrency company, has raised ETH 43.78 ($110,000) for its blockchain and AI-driven platform and mobile app, which intends to cultivate a culture of saving and promote financial education among young people across Latin America.
This isn’t UNICEF’s first foray into the world of philanthropy. The Innovation Fund made a $100,000 investment in six blockchain businesses in 2018 and announced the establishment of its Cryptocurrency Fund in October 2019.
Huobi Group pledged $1 million in bitcoin and fiat cash to the UNICEF CryptoFund in April 2021, with the goal of fostering worldwide blockchain development and beneficial effect among children and young people.
The Innovation Fund has received about $34.9 million in donations, 2267 ETH ($5.7 million), and 8 BTC ($276,000).
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The financing announcement is part of UNICEF’s overall blockchain plan for early-stage, open-source technology investment.
Leaf Global Fintech UNICEF
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning write