Vitalik Buterin will reinvest $100 million in scientific research

Ethereum (ETH) co-founder Vitalik Buterin has tweeted that Crypto Relief will donate $100 million in USDC to invest in research and development of solutions to the Covid-19 epidemic. Vitalik Buterin had initially donated over $1.2 billion in SHIB and ETH.


Vitalik Buterin will reinvest $100 million in scientific research


Vitalik Buterin to reclaim some of his donations to Crypto Relief

Vitalik Buterin, one of the co-founders of the Ethereum blockchain (ETH), said that the Crypto Relief Foundation will donate $100 million back to him in the form of USDC. In May 2021, Vitalik Buterin had donated SHIB and ETH tokens equivalent to $1.2 billion to the Crypto Relief foundation, led by Sandeep Nailwal, who is none other than one of the co-founders of the Polygon sidechain (MATIC).

Crypto Relief aims to support research and development of solutions to the Covid-19 epidemic in India, and also helps to purchase medical equipment. In August 2021, it had signed a partnership with UNICEF India to purchase 160 million doses of vaccine for redistribution to Indian citizens. At the time of writing, more than 98% of the association's funds come from various donations from Vitalik Buterin.


https://twitter.com/VitalikButerin/status/1487073874193702916?s=20&t=EIWB-bll0yEqK9dUYejUNw


Vitalik Buterin's initial donation included over 50 billion SHIB tokens, which caused a major shake-up in the meme-coin market, driving down its value by 33%.


A new investment in scientific research

Sandeep Nailwal is said to have decided to donate part of the proceeds to Vitalik Buterin in order to accelerate research on Covid-19. Indeed, as Sandeep is an Indian citizen, the funds passing into the hands of the association are subject to regular and thorough checks by the authorities, which would seem to be a brake on its development.


https://twitter.com/sandeepnailwal/status/1487073271430352901?s=20&t=xGV_CYbhJEqJduPVRosibw


Thus, the 100 million dollars paid to Vitalik Buterin will nevertheless be dedicated to research and development of vaccines against Covid-19, air filtration solutions and also tests. As he is not an Indian citizen, he will be able to invest in different projects in a much simpler way.

He has also decided to co-found an association specially dedicated to this project, already called "Balvi", which will be responsible for redistributing the funds. Vitalik Buterin wanted to make the transactions transparent, so it is possible to view them in real-time directly on Etherscan. Although it seems that more details are yet to come, Vitalik Buterin has announced that his new organization could have an impact beyond India.


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The downside of cryptocurrency donations

While cryptocurrency donations are an attractive option for those who wish to remain anonymous or simply for those who do not have access to a bank account, they also have several drawbacks. Proof of this is with the Crypto Relief association, which will only have $302 million in the form of SHIB tokens after having paid the 100 million USDC to Vitalik Buterin.

Why such a decrease from the initial billion? Simply because of the volatility of the cryptocurrency market. As it happens, the value of SHIB has been steadily decreasing since the end of October 2021, and thus so has the value of Vitalik Buterin's donation. The Indian regulatory authorities also require the association to convert its donations into rupees, the Indian currency, which complicates matters further. This transfer of funds could therefore be the right solution.

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  1. Very wonderful content

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