cryptopotato.com
Sandeep Nailwal, the co-founder of Polygon (MATIC), revealed today that India’s CryptoRelief will be sending 100 million $USDC from Vitalik Buterin’s last year $SHIB donation back to him.
Last year in May, Vitalik Buterin donated 50 trillion $SHIB tokens to India Covid Relief Fund.
- Tweeting on the matter, Nailwal revealed the reasons for which they made the decision to send $100 million of the donation back to Buterin.
- He explained that him being an Indian presents certain challenges and that he has “to be extra cautious in any of the projects being donated to.”
Vitalik being a non-Indian can do it in a more accelerated way by being able to do faster decision-making and deploying to projects which have higher risk but high rewards too.
- The fund still reserves 302 million $USDC and has deployed 70 million so far in aims of “disbursing in areas of need in India as it is.”
- Buterin also responded to the thread and revealed that he has co-founded a new organization to direct these funds. He also left an address where anyone can follow the funds.
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