No Comments

Vitalik Buterin to Use $100 Million From Crypto Relief's SHIB Funds to Accelerate Covid Relief Efforts – Featured Bitcoin News – Bitcoin News

by Kevin Helms
Ethereum co-founder Vitalik Buterin has unveiled 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 crypto is part of the Shiba Inu funds Buterin donated to Cryptorelief last year.

Ethereum co-founder Vitalik Buterin tweeted Friday that Cryptorelief is sending $100 million in cryptocurrency from the “Shiba funds” back to him. He added that he plans to “personally deploy these funds” in some “higher-risk, higher-reward Covid science and relief projects worldwide.”Vitalik Buterin to Use $100 Million From Crypto Relief's SHIB Funds to Accelerate Covid Relief Efforts in India
Buterin’s statement was in response to a tweet by Sandeep Nailwal, co-founder of Polygon. Nailwal founded the Covid Crypto Relief Fund (Cryptorelief) in April last year.
Noting that he and Buterin have been in discussion “on how to accelerate relief efforts in India,” the Cryptorelief founder detailed:
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 explained that Cryptorelief “has been extra cautious to be in full compliance of Indian jurisdiction, even though Cryptorelief entity is based out of India.”
He added: “Per conversations with Vitalik (who donated ~98% of the fund) … a sum of 100 million USDC will be transferred back to Vitalik’s address for accelerated funding in the domains of biotechnology and medical science, wherever he deems fit.”
Nailwal further revealed: “Cryptorelief still reserves 302mn USDC (Apart from ~70mn that it has already deployed) to keep disbursing in areas of 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’ve co-founded a new org (Balvi) to direct these funds, which is in a better position to make these bets which are very high value and global in nature and bring great benefit to Indians and non-Indians.” He elaborated:
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? Let us know in the comments section below.
A student of Austrian Economics, Kevin found 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.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Joe Biden Claims Inflationary Pressure ‘Rests With the Federal Reserve,’ Praises the Fed’s ‘Extraordinary Support’ 
On Wednesday, U.S. president Joe Biden explained that the country’s central bank was dealing with a large share of the inflationary pressures the American economy is dealing with today. Biden welcomes the possibility of tightening monetary easing and noted that … read more.
Joe Biden Claims Inflationary Pressure ‘Rests With the Federal Reserve,’ Praises the Fed’s ‘Extraordinary Support’ 
On Wednesday, U.S. president Joe Biden explained that the country’s central bank was dealing with a large share of the inflationary pressures the American economy is dealing with today. Biden welcomes the possibility of tightening monetary easing and noted that … read more.

Check all the news here

source

You might also like

More Similar Posts

Leave a Reply

Your email address will not be published.

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Menu