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Ethereum Founder donates $1 billion for India's Covid relief

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Shivangi Mujumdar Follow

INDIA

May, 19 2021

May, 19 2021

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Buterin also contributed $0.6 million to the fund in the form of ether and maker tokens earlier in April, as per a Forbes report. Ethereum creator Vitalik Buterin has donated over $1 billion in cryptocurrency for India’s COVID-19 relief. He has given ground on making it one of the biggest philanthropic activities by a single person. It came into notice on 14th May’21.

 

Brief behind this matter-

 

The world’s youngest crypto billionaire has given support in the form of Shiba Inu (SHIB). This is a meme-based digital currency founded on Ethereum. The donation was made to the India Covid Relief Fund which is run by the COO and co-founder of Polygon Sandeep Nailwal.

 

Vitalik Buterin who is just The 27-year-old founder of Ethereum has donated cryptocurrency worth $1 billion to support Covid-19 relief work in India. It is perhaps the single-largest philanthropic contribution to help Covid-stricken Indians from any individual or country.

 

“One thing we have learnt from Ethereum and Vitalik Buterin is the importance of community. We will not do anything which hurts any community, especially the retail community involved with $SHIB. We will act responsibly,” Sandeep mentioned in a tweet acknowledging Vitalik for the support.

 

The Ethereum founder also donated $0.6 million to the fund in the way of ether and maker tokens earlier in April, as per the Forbes report. The fund will conduct a “thoughtful liquidation” over time to come across COVID relief goals, it said in a tweet.

 

The bulk of Buterin’s donation is in the system of cryptocurrency Shiba Inu (SHIB). It is part of a growing number of joke digital currencies. Joke coins like Dogecoins and Shiba Inu aren’t backed by the tangible price and don’t have eager investors behind them, which makes them less appreciated than Ethereum or Bitcoin.

 

By the way, soon after the donation was announced, Shiba Inu’s rate crashed by almost 30%. At the time of going to press, Coingecko displayed that 50 trillion SHIB, the quantum of coins Buterin donated, was worth about $989 million. Russian-Canadian programmer Buterin is best known for proposing the Ethereum blockchain project in 2015. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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