Ethereum, which is the second largest cryptocurrency in the world is facing existential crisis in India along with every other cryptocurrency. The possibility of a blanket ban on crypto operations in the country keeps all crypto investors on age though there have been some positive signals from the government as well.
However in a noble gesture, Ethereum co-founder and world’s youngest crypto billionaire Vitalik Buterin has decided to donate more than one billion dollar to help India fight the pandemic which has wreaked havoc in the country during its second wave. His donation has been registered to India’s COVID relief funds and few other charities.
Buterin’s donations have come through digital coin tokens which have massive transactional values. His single donation of 50 trillion SHIB tokens values almost $ 1.1 billion as you can see in the details of the transaction once you click the link. The donation has been made to India’s COVID relief fund which was set up by tech entrepreneur Sandeep Nailwal.
Sandeep Nailwal also happens to be the COO of Polygon which aggregates solutions on Ethereum blockchain. This is not the first time Buterin has donated to India to fight COVID-19.
Buterin’s earlier donation
He had also made a donation of $ 600,000 (100 Ethereum and 100 Maker) last month to the same fund. It had all begun when Nailwal requested people to donate to help India seeing the dire conditions in the country. He set up a COVID fund and took full responsibility for the transparency and regulatory compliance.
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
Srinivasan, a former CTO at Coinbase initiated the donations by donating Ethereum worth $ 50,000 and requested others to come forward and help India. Buterin then responded with donating Ethereum and Maker of worth $ 600,000 which was again responded by Srinivasan, who promised to donate $ 50, up to $100,000 for every retweet his donation appeal tweet gets.
— vitalik.eth (@VitalikButerin) April 24, 2021
Since the donations have been made through tokens of these coins, it means that the actual amount of the aid the charities receive will keep varying as the price of these tokens fluctuate.
Also, if Indian government decides to ban cryptocurrency in between, the donations will become pointless and donors will have to take the tokens back leaving them to find an alternate way.