Buterin to Accelerate COVID Relief Efforts with $100 Million from Crypto Funds

Vitalik Buterin, Ethereum’s co-founder, has revealed that he plans to expend $100 million in cryptocurrencies from the Covid Crypto Relief Fund from India to fast-track the delivery of relief materials and rapidly bring the much-needed aid to both Indians and non-Indians. The cryptocurrency in discussion is part of the Shiba tokens Beterin gave to Cryptorelief in 2021.

Twitter to the World

Buterin revealed his plans via a tweet when he announced that some Shiba funds of up to $100 million worth had been returned to him by CryptoRelief. He said he is going to deploy the funds personally with the help of science advisors in other to complement CryptoRelief’s already excellent work with some high risk and high reward Covid projects globally.

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Buterin made his statement as a quoted tweet in response to a tweet by Polygon’s co-founder, Sandeep Nailwal. Nailwal is the founder of the CryptoRelief project founded in April 2021 for the purpose of aiding relief efforts for people who were hard hit by the pandemic in India.

He stated that he had been in discussion with Buterin on ways to fast-track relief operations in India. He that CryptoRelief came up with a solution to move $100 million to Vitalik, who is not an Indian, so he could do fast deployments in high risk and high reward projects.

Nailwal explicated further that CryptoRelief has taken careful steps to make sure it is fully in compliance with Indian laws, despite being an entity based outside India.

He continued that as per his discussions with Vitalik, who had donated about 98% of the funds, the sum of $100 million being transferred to Vitalik’s address will be to fast-track the financing for biotechnology and medical science research, or whatsoever he finds worthy of funding.

In his Twitter thread, Nailwal continued and revealed that Cryptorelief still has in reserve up to $32 million, aside from about $70 million that it has already spent, to continue deploying in places of need in India as it comes up. 

Buterin’s donation to the Indian Covid Relief last May was $1 billion.

A New Face

Vitalik Buterin later tweeted that he has co-founded a new organization named Balvi to spearhead the distribution of the funds. He said the organization would be in a better place to make the needed analysis and bets that are of high value and globalist in their outlook and will produce great benefits to both Indians and non-Indians at large.

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