Ethereum’s Buterin To Use Returned $100M From SHIB Donation For Covid Relief Projects Worldwide

CryptoRelief is an Indian COVID-19 fund that will now be returned. Buterin will use it for “higher-risk higher-reward” projects, reports coindesk.com. Ethererum’s founder has donated more than $1 billion to Shiba Inu. He previously contributed to the India-focused COVID-19 relief fund, CryptoRelief.

However, he will receive back $100 million in USDC from the fund’s founder Sandeep Nailwal, and Buterin tweeted Friday. Nailwal, the co-founder of Polygon, tweeted that they will be moving the $100mn USDC back to Vitalik, a non-Indian, to do the fast deployment in high-risk/reward projects.

$100 million for COVID relief projects

In May 2021, Buterin donated 50 trillion in SHIB tokens (worth about $1.2 billion). The tokens were sent unsolicited to the CryptoRelief fund. Unfortunately, Buterin had burned the rest of the tokens. Buterin said that he intends to use the $100 million to augment CryptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide.

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

The latest move comes in the backdrop of the Indian government is gearing up to present the nation’s budget on Feb. 1. The country is also contemplating bringing cryptocurrencies under some regulation. Nailwal hinted that India’s crypto wariness figured to return the amount in stablecoin to Buterin.

Projects will include vaccine R&D, innovative approaches to air filtration and ventilation, testing and much more. More info coming soon!

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

Forthcoming regulatory efforts prompt the move

Nailwal further added that keeping in view the fund’s foreign origin and laws of India, Crypto Relief followed a systematic, controlled & robust approach in disbursing funds mandated to be utilized for India.

India is all set to regulate cryptocurrencies. Numerous nations like China, Iran, and Turkey have come down heavily on cryptocurrencies. India is also slowly tightening the pressure.