2% of $ 1 billion in Indian Covid crypto donations made so far

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So far, around $ 20 million has been paid out of around $ 1 billion in cryptocurrency sent to an Indian Covid relief fund two months after the contribution of Ethereum (ETH) co-founder Vitalik Buterin, according to the Indian newspaper The Economic Times.

According to Sandeep Nailwal, a New Delhi-based entrepreneur who formed the India Covid Crypto Relief Fund, which received the contribution, cashing in an illiquid asset, handling government rules and moving the money to the right areas is not straightforward.

Buterin’s gift of 50 trillion Shiba Inu coins, or 5% of all memecoins in circulation, triggered a 50% price drop at the time. In an interview, Nailwal predicted that the tokens would ultimately be worth $ 400 million.

Crypto to fiat

The fund has gradually converted the tokens to dollars and then to rupees to comply with India’s Foreign Contribution Regulation Act, about 80% of which has been completed so far, due to local regulations taking a long time to settle. in place.

Nailwal, also a co-founder of Polygon (formerly Matic), said he was careful with disbursements, saying he had paid $ 20 million so far and had an additional $ 20 million outstanding. . He wants to make sure the money gets to the people who need it most, and he’s preparing to hire a reputable audit firm to make sure everything is in order.

The fund, which was established in April following an unexpectedly deadly coronavirus outbreak that killed a record number of people in India, said the fund is now focusing on a potential third wave.

He has helped groups distributing food across the country, including 10 Bed ICU, which has pledged to establish mini-intensive care facilities for patients with severe cases of Covid-19 in rural areas. .

Buterin also donated $ 600,000 in ETH and MKR to the coronavirus relief effort in India. Buterin posted proof of his contribution of 100 ETH, which was worth around $ 228,648 at the time, as well as 100 MKR, which was worth $ 380,000, on Twitter.

In addition to generous donations from crypto exchange Vitalik, Binance announced a contribution of more than 1,000 oxygen connections to India’s efforts to fight the coronavirus outbreak.

Binance CEO Changpeng Zhao revealed on Twitter in May that he plans to deliver about 175 oxygen connections worth $ 200,000 to Indian hospitals with the aim of sending another 1,000.

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