- They will donate the amount to Crypto Relief
- It’s part of a program to support Indian projects
Thereum co-founder Vitalik Buterin and Polygon co-founder Sandeep Nailwal will jointly support COVID-19 research. They donated $100 million to India’s Crypto Relief crypto fund. The funds will be targeted to fund a medical infrastructure that is researching and developing methods to combat the coronavirus pandemic in India.
“Last year, Crypto Relief, led by Sandeep Nailwal, committed $100 million to Covid research projects that I wanted to fund. Sandeep and I have discussed and come to the joint conclusion that these and other projects are high impact and in need of grants. So we decided to invest another $100 million in these projects.”
Buterin and Nailwal will contribute $90 million in USDC stablocoins. Buterin will allocate the remaining $10 million from his own pocket. Businesses will coordinate efforts to distribute funds.
The Crypto Relief Foundation is responsible for helping Indians affected by the pandemic. He describes himself as a community-driven company.
Vitalik Buterin is known for his generous donations. Last year he said that cryptocurrency payments for charity are more convenient than their fiat counterparts. Importantly, they are resistant to blocking.