After donating to the Indian Covid-19 Relief Fund CryptoRelief, Ethereum co-founder Vitalik Buterin is receiving a sizeable portion of his donation back, which is about $100 million worth of Shiba Inu coins.

The 27-year-old Russian developer aims to use these funds to power radical new projects to fight Covid and assist relief efforts. He shared his goal in a recent tweet:

In order to process and deploy this crypto-fund, Buterin has co-founded ‘Balvi’—a new organization that will focus on ‘high risk, high reward’ projects across the world. Some of the ideas he’s looking to support involve ’vaccine R&D, innovative approaches to air filtration and ventilation, and testing.’

 

Why Did CryptoRelief Give Buterin The Funds?

CryptoRelief provides ventilators to Amritsar and Haryana at the Institute of Medical Research and Sciences
Image Credit: CryptoRelief

It’s interesting that CryptoRelief made headlines regarding Buterin’s contributions just days before India’s much-awaited 2022 budget which will release today and is likely to contain major policy changes regarding cryptocurrency. While this is likely to affect any crypto-spearheaded efforts for relief programs in India, it’s also compounded by a slew of regulations that zone in on relief funds.

“Considering fund’s foreign origin and laws of India,” said CryptoRelief and Polygon founder Sandeep Nailwal, “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.”

After confirming Buterin’s words and explaining that the funds would be released in the dollar-pegged USDC, Sandeep also highlighted potential roadblocks in India’s legal framework. He also noted that Buterin’s non-Indian status allowed him to speed up the process, and make faster spending decisions:

In total, the Russian developer contributed a massive 50 trillion SHIB to the fund, before burning the rest of his SHIB holdings. With a total valuation of $6.7 billion, Buterin decided to simply get rid of his 410 trillion SHIB, claiming that he did so to avoid affecting the coin’s market price due to overcentralization.