Famous Ethereum (ETH) co-founder Vitalik Buterin said via a tweet that Crypto Relief will donate $100m to him in the form of USDC to invest in research and development of solutions to the Covid-19 epidemic. Vitalik Buterin made an initial donation of over $1.2 billion in the form of SHIB and ETH.
Vitalik Buterin will get back some of his donations to Crypto Relief
Vitalik Buterin, one of the co-founders of the Ethereum blockchain (ETH), said that the Crypto Relief Foundation will give him $100 million in the form of USDC.
In May 2021, Vitalik Buterin had donated SHIB and ETH tokens equivalent to $1.2 billion to the Crypto Relief Foundation, led by Sandeep Nailwal, who is none other than one of the co-founders of the Polygon sidechain (MATIC).
Crypto Relief aims to support research and development of solutions to the Covid-19 epidemic in India, and also helps to purchase medical equipment. In August 2021, it had signed a partnership with UNICEF India to purchase 160 million doses of vaccine for redistribution to Indian citizens.
At the time of writing, more than 98% of the charity’s funds come from various donations from Vitalik Buterin.
CryptoRelief sending $100m of the $SHIBA funds back to me. I plan to personally deploy these funds with the help of science advisors to complement CryptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide. https://t.co/xvHxzwwdn8
– vitalik.eth (@VitalikButerin) January 28, 2022
Vitalik Buterin’s initial donation included more than 50 billion SHIB tokens, which shook up the meme-coin market, causing its value to drop by 33%.
New investment in scientific research
Sandeep Nailwal has reportedly decided to donate part of the proceeds to Vitalik Buterin in order to speed up research on Covid-19.
Indeed, Sandeep being an Indian citizen, the funds passing into the hands of the association are subject to regular and thorough controls by the authorities, which would seem to be a brake on its development.
Considering fund’s foreign origin and laws of the India, Crypto Relief followed a systematic, controlled & robust approach in disbursing funds mandated to be utilised for India. But being an Indian citizen(NRI), I have to be extra cautious in any of the projects being donated to.
– Sandeep
