Co-founder of Ethereum Vitalik Buterin has donated $1 billion worth of coins to India to fight against coronavirus. However, the donation that has been made by Vitalik is in a form of a meme digital currency called Shiba Inu coin, which has been named after the dog breed. Vitalik has also donated in the form of Etherum, which is his own cryptocurrency. India is currently battling the second wave of the coronavirus pandemic.
According to the reports, Buterin has donated around 500 ETH and over 50 trillion SHIB (Shiba Inu), a meme coin that is worth $1.14 billion to the India COVID-Crypto Relief Fund, which has been set up by Indian tech entrepreneur Sandeep Nailwal.
Naliwal took to Twitter to thank Vitalik for the donation. He wrote, “Thanks @VitalikButerin One thing we have learnt from Ethereum and @VitalikButerin is importance of community. We will not do anything which hurts any community especially the retail community involved with. We will act responsibly!Plz don’t worry Shib holders.” The donation made by Buretin led to a drop of over 35 percent in SHIB’s price in the past 24 hours.
Interestingly, India has received huge donations in the form of cryptocurrencies. The total figure amounts to about six million dollars in 10 different cryptocurrencies. However, the fact remains that cryptocurrencies don’t work in India because they have still not been legalised in the country.
Speaking about setting up a crypto relief fund in India, Naliwal told Tech2, “We had initially considered all the three top cryptocurrency exchanges in India CoinDCX, WazirX and BitBNS who had shown us support. However, we realised it was not compliant to go through them, and it would create risks for them as well. So, we considered other options and finalised one.”
“From there, the entity can transfer the cryptocurrency to a US-based bank account and convert it into fiat (tangible) currency. We’ve tied up with FV Bank to carry out the fund transfer,” Nailwal added. He also revealed that his Twitter inboxes have been filled with messages from people asking for help regarding the oxygen cylinders, bed and concentrators.
Source: India Today