- Vitalik Buterin, co-creator of Ethereum, is making an additional donation of $10 million to CryptoRelief, an India-focused coronavirus prevention initiative.
- The donation is part of a new $100 million tranche, with the funds generated from the sale of Shiba Inu (SHIB) tokens that were originally sent to Buterin in early 2021.
Vitalik Buterin, co-founder of Ethereum, continues to wield his influence in the world of blockchain for philanthropic causes, announcing via Twitter on Thursday an additional donation of $10 million to CryptoRelief. This organization, spearheaded by Polygon co-founder Sandeep Nailwal, has been at the forefront of India’s coronavirus prevention initiatives.
This substantial contribution forms part of a broader $100 million tranche of donations. Interestingly, the entirety of these funds emanates from the sale of Shiba Inu (SHIB) tokens, originally gifted to Buterin in early 2021. In this innovative use of blockchain technology for humanitarian aid, Buterin has strategically converted a portion of his cryptocurrency assets to support this critical cause.
The Shiba Inu tokens were initially sent to Buterin by the token’s creators post-issuance in 2020 as a publicity strategy for the project. In a sweeping move in 2021, Buterin burned, a process that permanently eradicates tokens from circulation, over $6 billion worth of these tokens. This represented a staggering 90% of the amount he held at that time. The remaining tokens, which had a market value of $1.2 billion, were donated.
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Buterin has expressed that the focal point of these donations will be two-fold. Firstly, it will center on enhancing indoor air quality, a key preventive measure in the fight against coronavirus transmission. Secondly, the funds will fuel research efforts aimed at curbing the long-term impact of the virus.
As India continues to grapple with the pandemic, such initiatives are paramount. Official data underscores the ongoing nature of the challenge, with coronavirus vaccinations and testing forming a constant in the country’s public health response. This donation, combining the blockchain domain’s innovation with a resolute philanthropic spirit, will undoubtedly make a significant contribution to these vital efforts.
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