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Ethereum co-creator donates $1 bn in cryptocurrency for India’s Covid-19 relief fund

News24

LAST UPDATED: May 13, 2021, 1:46 p.m.

New Delhi (Anish Yande): Cryptocurrency billionaire, Vitalik Buterin, has donated cryptocurrency amounting to $1.5 billion for India’s Covid-19 relief efforts. Buterin is the co-creator of Ethereum, donated Shiba Inu (SHIB) coins and Ethereum to several non-profit organizations in India.

Vitalik Buterin donates to India Covid-Crypto Relief Fund:

Entrepreneur Sandeep Nailwal has set up India COVID-Crypto Relief Fund to gather cryptocurrency for non-profit organizations combating the surge in Covid-19 infections. Vitalik Buterin donated 50 trillion SHIB (Shiba Inu) coins and 500 Ethereum (ETH) to the Covid-Crypto Relief Fund. 

The 500 ETH amount to over $2 million and the 50 trillion SHIB coins are worth over $1.14 billion at the time of the transaction. 

Sandeep Nailwal posted on Twitter following the donation. He thanked Buterin and talked about the importance of community learnt from Ethereum. Nailwal also reassured Shiba Inu coin holders stating that the donated coins would be used responsibly. 

‘We will not do anything which hurts any community especially the retail community we are involved with.’ Sandeep Nailwal stated.

India COVID-Crypto Relief Fund’s Twitter account tweeted that the donation would be converted ‘slowly over a period of time.’ The fund would be planning to liquidate the donation through a ‘thoughtful’ process to meet the relief goals.

The COVID-Crypto Relief Fund stated that donations amounting to $1,039,721,689.57 have been collected. The fund has donated $74,950 to Rajeev Memorial Academic Welfare Trust which provides ICU ventilators and oxygen concentrators and $129125 to the Round Table India Trust which provides ICU ventilators and PPE kits. 

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Prices of Shiba Inu and cryptocurrencies fall following donation:

After the transactions, the prices of SHIB, Dogelon, and Akita Inu fell. Shiba Inu coin fell by 35 percent and Akita Inu decreased by 50 percent within 24 hours. 

Vitalik Buterin had donated 13,000 Ethereum to Givewell, a nonprofit organization, that works to improve the best charities around the world. The crypto billionaire donated meme coins such as Dogelon Mars (ELON) worth $336 million to Methuselah Foundation. The Methuselah Foundation supports organizations that develop regenerative medicine and tissue engineering therapies.

Other investors who donated cryptocurrency included entrepreneur Balaji Srinivasan donated ETH worth $50,000 and former Australian cricketer Brett Lee, who donated one Bitcoin, which amounted to more than Rs 45 lakh at the time.

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