In what he described as “higher-risk higher-reward” projects, Ethereum co-founder Vitalik Buterin plans to use the funds returned to him by CryptoRelief, in various Covid-19 science and relief projects worldwide.
Vitalik Buterin, the founder of Ethereum, will get $100 million in USDC in exchange for the more than $1 billion in Shiba Inu he previously donated to the India-focused Covid-19 relief fund, CryptoRelief, the fund’s founder Sandeep Nailwal and Buterin tweeted on Friday.
“We will return $100 million USDC to Vitalik, a non-Indian, to perform rapid deployment in high-risk/high-reward initiatives,” Nailwal, who is also the co-founder of Polygon, tweeted.
Last May, Buterin contributed 50 trillion SHIB tokens (worth around $1.2 billion at the time) to the CryptoRelief fund, which he received from the founders of Shiba Inu. He threw the rest of the tokens into the fire.
Buterin said on Twitter that the $100 million will be used “to augment CryptoRelief’s existing fantastic work with some higher-risk, higher-reward Covid science and relief projects throughout the world.”
The decision comes as India’s government prepares to present the country’s budget on February 1st. New crypto regulations are being considered by the country’s parliament. The choice to refund the sum in stablecoin to Buterin may have been influenced by the country’s crypto apprehensions, according to Nailwal.
“Considering the fund’s international origin and Indian rules, Crypto Relief took a systematic, controlled, and rigorous strategy in disbursing cash mandated for India,” Nailwal tweeted. “However, as an Indian citizen (NRI), I must exercise extra caution in any of the programs to which I donate,” he added.
