Crypto Relief Aid: Vitalik Buretin plans to accelerate relief efforts with $100m of $SHIBA funds

TL;DR Breakdown

The field of cryptocurrency is offering innovation and transformation in different sectors and industries. This is why new projects are finding ways to utilize different crypto-related services. However, there are initiatives, like Crypto Relief, trying to fund and support other startups and funding programs to support a range of projects.

Crypto Relief idolizes the mass adoption of blockchains and aims to run community funds to support relief projects in India during the COVID crisis. The project is providing healthcare equipment and other essentials to those who are battling with Covid, one way or the other. The community of Crypto Relief consists of a range of founders, owners, innovators, investors, and people dedicated to serving humanitarian purposes.

The founder of Ethereum, Vitalik Buterin, has also maintained his support for the Crypto Relief project. He has funded and donated to several relief projects and initiatives over the course of the last few years. His lending hand has majorly helped in growing relief funds. Buterin made it into the headlines last year when he donated a whopping $1.2 billion to India’s Covid Crypto Relief Fund, which crypto entrepreneur, Sandeep Nailwal, set up. The project known as Crypto Funds is still running effectively.

Crypto Relief joins hands with Vitalik Buterin yet again.

In a recent development, Crypto-Relief has collaborated with Vitalik Buterin to accelerate the organization’s relief efforts in India. Crypto Relief will now send $100 million of the $SHIBA funds back to Buterin. Then, he will deploy these funds to different high-risk and high-reward projects. Being a non-Indian, Buterin can ensure more transparency and efficiency in funds distribution.

Vitalik Buterin plans to take assistance and advice from science advisors to choose the best Covid science and relief projects in the world for funding. Moreover, he has also co-founded a new organization named Balvi. It is meant to direct these funds more effectively to potentially strong projects. Thus, bringing more benefits for Indians and non-Indians. Buterin himself tweeted the address of the link via a tweet.

How can the collaboration reap benefits for Crypto Relief?

The Co-Founder of CR, Sandeep Nailwal, has said that the organization has been meticulous in complying with the jurisdiction, laws, and limitations of the India Law. As the organization is based outside of India, there are complications in funding projects within India. Therefore, Crypto Relief follows a controlled and systematic approach to distribute funds and capital that can be potentially used for the betterment of relief efforts in India.

However, Sandeep believes that he does not hold the liberty to choose Indian projects for donations, as he is an Indian citizen. He must be extra cautious because he can be convicted for bias, personal glorification, and foreign funding. This is primarily why this organization has asked for Buterin’s help and assistance—being a non-Indian, he can make more tough and effective decisions for the relief fund.

Previously, Vitalik Buterin had donated approximately 98% of the fund to the project. Therefore, the two parties decided that a sum of 100 million USDC would be transferred back to the wallet address of Buterin. He can then fund different Biotechnology and Medical Science funds. He can manage the funds in a range of projects, making a selection as per his choice. The funding can even go beyond India, as the Ethereum-founder envisions to catalyze the growth of global Biotech and medical science projects.