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