Vitalik Buterin, the Ethereum co-founder, recently announced receiving 100 million dollars back from India Crypto Relief Fund. Vitalik previously donated Shiba Inu to the CryptoRelief, out of which the project is returning 100 million dollars.
The Ethereum co-founder has already set up a new venture named Balvi to redirect the received funds to other crypto-based relief projects globally. The amount received by Vitalik roughly amounts to 745 crores INR, making it a huge deal for both parties. You can get more information here about the potential of Ethereum.
Vitalik stated that Balvi would primarily focus on deploying the SHIB funds in regions where vaccine R&D, testing, and funding innovation air filtration projects are being conducted. At the same time, Polygon co-founder Sandeep Nailwal, who is also CryptoRelief’s founder, reconfirmed sending the funds back to Vitalik.
Sandeep stated that the funds would be released in USDC, a stablecoin pegged to the USD. The primary reason behind the return is avoiding any conflict with Indian laws regarding the relief funds’ distribution.
CryptoRelief has always followed a controlled, robust, and systematic approach in disbursing finances mandated to be used for India. As an NRI, Sandeep must be extra careful of any projects accepting donations for the project.
The Polygon co-founder also stated that Buterin was better suited to decide and deploy projects with high-risk, high-reward projects. It all started in 2020 when Ryoshi, the co-founder of SHIB, sent 50% of the token’s supply to Vitalik.
Soon after, Vitalik donated 50 trillion Shiba Inu to CryptoRelief for the minimization of the pandemic’s effects. Given the amount of money Vitalik is ready to invest in crypto relief projects, many ventures have come forward to accept the donation.
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