Ethereum Founder Vitalik Buterin Gets His Rs 747 Crore Donation Back From India: Here's Why
Ethereum Founder Vitalik Buterin Gets His Rs 747 Crore Donation Back From India: Here's Why
Vitalik last year donated a 50 trillion SHIB coins to the India Crypto Relief Fund for helping with COVID-related efforts.

Ethereum co-founder Vitalik Buterin, who is also said to be the world’s youngest cryptocurrency billionaire is getting back $100 million (roughly Rs 747 crores) in cryptocurrency back in Shiba Inu crypto coins that he had donated to the Indian COVID-19 relief fund in 2021. In a tweet, Buterin said that CryptoRelief is sending $100 million back from the “Shiba Fund” and he plans to deploy these in some “higher risk, higher reward COVID science and relief projects worldwide.” Buterin also said that he has co-founded a new organisation named Balvi, which will oversee the process of deploying the funds on his behalf.

“CryptoRelief sending $100m of the $SHIBA funds back to me. I plan to personally deploy these funds with the help of science advisors to complement CryptoRelief’s existing excellent work with some higher-risk higher-reward COVID science and relief projects worldwide,” Buterin said in a tweet. He was responding to a tweet from Sandeep Nailwal who is the co-founder of Polygon and the founder of CryptoRelief. Nailwal said that he would be releasing the funds in USDC. Nailwal’s decision to return some of the funds to the Ethereum co-founder was largely informed by the need to avoid conflict with Indian laws and 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 in a tweet.

In a separate tweet, Buterin announced Balvi. Buterin said that Balvi 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 said that the projects will include vaccine R&D, innovative approaches to air filteration and ventilation, testing, and much more.

He said that Balvi will primarily focus on deploying the said “SHIB funds” in areas of vaccine reasearch and development, funding innovative air filtration projects, and testing among others.

Read all the Latest Tech News here

What's your reaction?

Comments

https://umatno.info/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!