Ethereum Co-Founder Vitalik Buterin Gets $100 Million in Donated Crypto Back From India Crypto Relief Fund

Buterin says he has co-founded a new organisation called Balvi, which will direct the received funds to COVID-19 relief projects.

Ethereum Co-Founder Vitalik Buterin Gets $100 Million in Donated Crypto Back From India Crypto Relief Fund

Photo Credit: Devcon 2018

Buterin has explained how he will use the $100 million in cryptocurrency from India Crypto Relief

Highlights
  • CryptoRelief has returned 100 million USDC to Vitalik Buterin
  • Vitalik being a non-Indian, is expected to deploy relief funds quicker
  • Buterin donated 50 trillion SHIB tokens to India Covid Relief Fund
Advertisement

Ethereum founder Vitalik Buterin is getting back a portion of Shiba Inu coins that he had donated to an Indian COVID-19 relief fund in 2021 named India Crypto Relief Fund, also known as CryptoRelief. Buterin recently took to Twitter to state that CryptoRelief is sending $100 million (roughly Rs. 745 crore) in cryptocurrency from the "Shiba fund" back. Buterin said that he plans to "personally deploy these fund(s)" in some "higher-risk, higher-reward COVID science and relief projects worldwide". He went on to say that in pushing for a transparent way of deploying the said funds, he had co-founded a new organisation named Balvi, which will oversee the process of deploying the funds on his behalf.

Balvi, according to Buterin, will primarily focus on deploying the said "SHIB funds" in areas of vaccine research and development, funding innovative air filtration projects, and testing among others.

Meanwhile, Sandeep Nailwal, a co-founder of Polygon and also the founder of CryptoRelief confirmed Vitalik's statement, saying that they would be releasing the funds in USDC, a stablecoin that is pegged to the US dollar. According to Sandeep, the decision to return some of the funds to Vitalik was largely informed by the need to avoid conflict with Indian laws on the distribution of relief funds.

“Considering fund's foreign origin and laws of India, CryptoRelief followed a systematic, controlled, and 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,” he said.

He further noted that Buterin, being a non-Indian was better suited to making decisions and deploying to projects that have a higher risk but can lead to high rewards, faster.

After minting one quadrillion SHIB tokens in 2020, Ryoshi, a co-founder of the memecoin noted in the ‘WOOF Paper' that they would be sending 50 percent of the total coins to Vitalik as an appreciation for his contribution to the crypto ecosystem.

Vitalik later donated a whopping 50 trillion SHIB to the India Crypto Relief Fund for the mitigation of COVID-related effects. He then burnt about 90 percent of his remaining holdings (410 trillion SHIB) valued at around $6.7 billion (roughly Rs. 50,045 crore) then, citing the danger of being the locus power of holding that amount of the total circulation of a coin.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

MSI Teases MAG Trident S Mini Gaming Console, Specifications to Include AMD Ryzen 7 5700G Processor
Oppo Find Series Tipped to Get Foldable Flip Phone, Launch, Price Details Surface
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »