Vitalik Buterin to Spend $ 100 Million on Crypto Reliefs SHIB Funds to Speed ​​Up Covid Relief Efforts – Featured Bitcoin News

Ethereum co – founder Vitalik Buterin has revealed how he will spend $ 100 million in cryptocurrency from India’s Covid Crypto Relief Fund (Cryptorelief) to accelerate relief efforts and “bring great benefit to Indians and non-Indians.” The crypto is part of the Shiba Inu funds Buterin donated to Cryptorelief last year.

Vitalik Buterin will personally deposit $ 100 million from Shiba funds to help Covid relief efforts

Ethereum co-founder Vitalik Buterin tweeted on Friday that Cryptorelief is sending $ 100 million in cryptocurrency from the “Shiba funds” back to him. He added that he plans to “personally use these funds” in some “higher risk, higher reward covid science and relief projects around the world.”Vitalik Buterin to spend $ 100 million from Crypto Reliefs SHIB funds to accelerate Covid relief efforts in India

Buterin’s statement was in response to a tweet from Sandeep Nailwal, co-founder of Polygon. Nailwal founded the Covid Crypto Relief Fund (Cryptorelief) in April last year.

Cryptorelief’s founder has noted that he and Buterin have been discussing “how to speed up relief efforts in India:

We have found a solution, we will move $ 100 million USDC back to Vitalik, a non-Indian, to carry out rapid implementation in high risk / reward projects.

Nailwal explained that Cryptorelief “has been extra careful to be in full compliance with Indian jurisdiction even though the Cryptorelief entity is based in India.”

He added: “Per talks with Vitalik (who donated ~ 98% of the fund) … an amount of USD 100 million will be transferred back to Vitalik’s address for accelerated funding in the areas of biotechnology and medical science, wherever he deems it appropriate. . “

Nailwal further revealed: “Cryptorelief still reserves USD 302 million (except for ~ 70 million, which it has already deployed) to continue disbursing in need in India as it is.” Buterin donated $ 1 billion in shiba inu (SHIB) to the Indian covid relief fund in May last year.

Buterin subsequently tweeted: “I have helped found a new organization (Balvi) to direct these funds, which are in a better position to make these bets, which are of very high value and of a global nature and provide great benefit. for Indians and non-Indians. ” He elaborated:

The projects will include vaccine R&D, innovative approaches to air filtration and ventilation, testing and much more.

What do you think about Vitalik working with Cryptorelief to accelerate relief efforts in India and abroad? Tell us in the comments section below.

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection between economics and cryptography.

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