$20M out of $1B Indian Covid crypto donations paid out so far
According to the Indian news outlet The Economic Times, $20 million has been paid out of the $1 billion in cryptocurrency relief pack that was sent to India as an initiative for the Covid relief fund, by the co-founder of Ethereum Vitalik Buterin.
Sandeep Nailwal from New Delhi, the founder of India Covid Crypto Relief Fund who also donated the funds, said it was not a straightforward process to acquire liquidity assets, enforce government laws and transfer money to the right sectors.
Buterin donated 50 trillion Shiba inu coins, which is 5% of the total coin in the circulation of popular memecoin, while this action of Buterin eventually led to a 50% price reduction during that time.
This sudden dump also made it difficult to fetch the original donated amount by Buterin, in an interview, Nailwal said that accessing the current conditions the non-profit fund has only received a cash out of about $20 million while the actual expected worth was about $400 million.
As per the norms, the fund is gradually converted from tokens into dollars, and then to the rupee.While the process is 80% complete while also complying to the Indian Foreign Assistance Regulation Act, it also takes time to operate due to local restrictions and norms by different bodies.
Nailwal, the co-founder of Polygon (formerly Matic), said he was conservative with the distribution of funds, and having already paid $20 million and another $20 million is on its way for distribution. While Nailwal’s main aim is still to make the funds available to the people who need it the most, he is even preparing to hire a reputable audit firm to make sure everything is in order without any constraints.
The funds are already committed to providing mini establishments in the rural areas that will be equipped with intensive care facilities to operate patients with covid-19 in rural areas.
This relief care fund was Launched in April after the unexpectedly deadly corona blast that killed a record number of people in India, but as of now, the funds are being saved up for the potential third wave in the country.
Buterin has donated even more to this relief fund, he has also donated about $600,000 in coins like ETH and MKR, while to support his proof of his contribution of 100 ETH worth approx $228,648 and also 100 MKR which worthed around $380,000 he also published a proof supporting his actions via his Twitter handle.
In addition to these generous contributions from Vitalik Buterin, Binance Crypto exchange also came forward and has announced their support of over a thousand oxygen connections for supporting India’s efforts to curb the coronavirus.
In May, Binance CEO Changpeng Shao revealed on Twitter his plan to bring 175 oxygen connections worth $200,000 to Indian hospitals, while he further aims to send 1000 more.
Read also: Half of “Family Offices” willing to Invest in Crypto : Survey
