India’s CryptoRelief Will Give Back $100M Of Buterin’s SHIB Donation

India’s CryptoRelief will give back $100 million of Buterin’s SHIB donation that was given to fight the effects of the COVID pandemic as we reported in the ethereum news previously.

The co-founder of Polygon Sandeep Naiwal revealed that India’s CryptoRelief will be giving back 100 million USDC from Buterin last year’s SHIB donation back to him. Buterin donated 50 trillion SHIB tokens to help the country battle the COVID pandemic. Naiwal revealed the reason why they decided to send $100 million of the donation back to Buterin.

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. https://t.co/xvHxzwwdn8

— vitalik.eth (@VitalikButerin) January 28, 2022

He explained that him being an Indian presents a few challenges and that he has to be extra cautious in the projects being donated to. Vitalik can do it in a more accelerated way because he is not Indian and he is able to make faster decisions and to deploy projects that have higher risks but higher rewards as well. The fund still reserves 302 million USDC and deployed 70 million in aims of disbursing in areas that have a need like India. Buterin also responded and revealed that he has co-founded a new organization to direct the funds and left an address where anyone can follow these funds.

As reported, The COVID crypto fundraiser for the latest wave raised millions but more than 200,000 people died from the pandemic in India already. Sandeep Naiwal, a co-founder of the Indian blockchain network Polygon started arranging ICU beds for people in Delhi. The latest coronavirus wave in India killed more than 200,000 people and ramped up hospitals so full that they now started turning away patients which is what inspired Naiwal to run a relief campaign. He turned to the world of crypto and said that his strong reputation and global reach will likely attract large sums and he will get enough power to help his citizens.

The campaign inspired others as well. Crypto exchange WazirX will donate $1.1 millionn with plans to invite customers to donate crypto via its site. WazirX CEO Nischal Shetty said that the campaign was already been picked up by the Indian media and boosted the public’s perception of crypto in the country. Cryptocurrencies are struggling to disrupt the country’s payments networks and the technology gets belittled by the ongoing threat of a ban.

Source: https://www.dcforecasts.com/uncategorized-en/indias-cryptorelief-will-give-back-100m-of-buterins-shib-donation/