Vitalik Buterin, the co-founder of Ethereum, recently donated more than $600,000 to a fund established to combat COVID-19 in India. Sandeep Nailwal, the co-founder of Ethereum scaling platform Polygon, began it all with a tweet asking for support from the global crypto community to run a COVID relief campaign in the wake of the recent events in India.
Can't take this sitting down anymore, I am going to run a Covid relief campaign in lieu of what’s going on in India.
Need help from the Global crypto community.
I will take full responsibility for transparency, funds usage and regulatory compliance
If you want to donate.. 1/n
— Sandeep – Polygon(prev Matic Network) (@sandeepnailwal) April 24, 2021
Balaji Srinivasan, a crypto pioneer, and technology investor responded to this tweet by saying that he, along with Vitalik Buterin, the co-founder of cryptocurrency Ethereum, will join him in India to contest COVID.
In response to Nailwal’s tweet, Buterin posted proof of transfer of 100 ETH and 100 MKR, totaling more than $600,000.
People from all over the world are gathering to help India, and Buterin’s donation should inspire the global cryptocurrency community to get involved.
— vitalik.eth (@VitalikButerin) April 24, 2021
In response to Buterin’s fund transfer, Srinivasan tweeted that for those who are unable to donate, he will contribute an additional $50 to the battle against COVID in India for every retweet, up to a total of $100,000.
According to Nailwal’s tweets, he intends to use the funds to purchase oxygen, food, and probably even vaccinations for the sick, and he has vowed that all expenditures would be made public for full accountability.
WazirX to Donate Rs.8 CRORE for Covid Relief
WazirX will donate Rs. 8 CRORE for Covid relief
I request every startup in India to contribute.
Crypto community should help as much as possible.
Please suggest where we should donate these funds
— Nischal (WazirX) ⚡️ (@NischalShetty) April 26, 2021
Nischal Shetty, CEO of Popular Indian Cryptocurrency Exchange, WazirX announced to donate Rs. 8 CRORE for Covid relief. Nischal urges every startup in India to contribute as much as possible.
Despite the fact that you can’t use cryptocurrencies like this to directly finance relief efforts since they’re not commonly recognized as money, these tokens have a strong market value.
Bitcoin is the largest and most well-known, but several others, like Ether, Litecoin, and, more recently, Dogecoin, have become quite popular. Bitcoin is currently selling for Rs. 37,12,394, Ethereum is currently selling for Rs. 1,63,519, and Litecoin is currently selling for Rs. 16,829 per token. This means the fund can be used to raise a large sum of money, which can then be used to deal with the crisis.