Buterin’s accordingBalvi will primarily focus on deploying the ‘SHIB Fund’ in the area of vaccine research and development, funding new air filtration projects and more.
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
Meanwhile, Sandeep Nailwal, co-founder of Polygon and founder of Crypto Relief, has confirmed Buterin’s statement, saying that he will release funds in USDC. USDC is a stable coin, pegged to the US dollar. According to Sandeep, the decision to return some of the funds to Buterin was taken to avoid conflict with Indian laws on the distribution of relief funds.
He added that Crypto Relief followed a systematic, controlled and robust approach keeping in mind the inflow of funds and the laws of India. But being an Indian Citizen (NRI) I have to be extra cautious in any of the projects being donated.
After creating a quadrillion SHIB tokens in the year 2020, Mimecoin co-founder Ryoshi told the ‘WOOF paper’ he would send 50 percent of the total coins to Buterin’s contribution to the crypto ecosystem.
After this Buterin donated 50 trillion SHIB to the India Crypto Relief Fund in the war against COVID. They burned 90 percent of their remaining holdings (410 trillion SHIB) worth $6.7 billion. However, the use of cryptocurrencies is increasing around the world. Along with this, all the countries are also thinking about regulating it.
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