Ethereum co-founder Vitalik Buterin has revealed how he will use $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 cryptocurrency is part of the Shiba Inu fund that Buterin donated to Cryptorelief last year.
Ethereum co-founder Vitalik Buterin tweeted Friday that Cryptorelief is returning $100 million in cryptocurrency to him from the “Shiba Fund.” He added that he wants to “personally invest these funds” in some “riskier and more lucrative covid science and aid projects around the world.”
Buterin’s statement was in response to a tweet from Sandeep Nailwal, co-founder of Polygon. Nailwal founded the Covid Crypto Relief Fund (Cryptorelief) last April.
The Cryptorelief founder noted that he and Buterin were in conversation about “how to accelerate relief efforts in India.”
We have come up with a solution, we will move $100mn USDC back to Vitalik, a non-Indian, to do fast deployment in high risk/reward projects.
Nailwal stated that Cryptorelief “has been particularly careful to comply fully with Indian jurisdiction, even though Cryptorelief is based outside India.”
He added, “After discussions with Vitalik (who donated ~98% of the fund) … a sum of 100 million USDC will be transferred back to Vitalik’s address to accelerate funding in biotech and medical science wherever he sees fit.”
Nailwal further stated, “Cryptorelief still has 302 million USDC reserved (apart from ~70 million it has already deployed) to continue disbursing in needy areas in India.” Buterin donated $1 billion in Shiba Inu (SHIB) to India’s Covid Relief Fund last May.
Buterin subsequently tweeted, “I co-founded a new organization (Balvi) to manage these funds that are better able to make these bets, which are very valuable and global and bring great benefit to Indians and non-Indians.” He continued:
Projects will include vaccine R&D, innovative approaches to air filtration and ventilation, testing and much more.