Ethereum creator donates over $1bn
Vitalik Buterin, the 27-year-old co-founder of cryptocurrency platform Ethereum, has donated cryptocurrency worth around $1.1 billion to the India Covid Crypto Relief Fund. It is being dubbed as the “mother of all donations” and largest individual philanthropic effort for pandemic relief in India so far.
Buterin has donated 500 Ether coins and over 50 trillion Shiba Inu coins, both of which are cryptocurrencies built on the Ethereum network. Buterin’s net worth was a whopping $21 billion when the price of Ether topped $3,000 a few days ago, according to Celebritynetworth.com.
Cryptocurrency values tend to fluctuate a lot, and time will tell how much exactly Buterin’s donation will be worth. Immediately after the donation, there was panic among investors and Shiba Inu’s price crashed by almost 30%. Cryptocurrency startup Polygon’s founder Sandeep Nainwal tweeted to thank Buterin and assured Shiba Inu holders that the relief fund, which he runs, would be responsible for the donation.
Nailwal says the (donations) funds are not brought in the form of cryptocurrency inside India. The UAE entity — Crypto Relief India — which was established two weeks ago, converts the donation via Binance (an international cryptocurrency exchange) to a fiat currency. After conversion, those funds are deposited to banks, which make deposits to Foreign Contribution Regulation Actapproved NGOs in India.