Ethereum co-founder Vitalik Buterin has donated over $1 billion (roughly Rs 7,358 crores) in cryptocurrency to the India COVID Relief Fund and to few other Non-Profit Organizations on Wednesday in one of the largest-ever individual philanthropy efforts.
The Crypto billionaire has donated 500 Ethreun coins priced over 300,000 each and over 50 trillion SHIB meme coins worth around $1.14 billion to the India Covid Cypto Relief Fund, run by Indian crypto entrepreneur Sandeep Nailwal.
Nailwal came on to Twitter to Vitalik for his efforts to help India fight the virus. He said that the funds will be spent responsibly. “We will not do anything which hurts any community, especially the retail community involved with SHIB,” Nailwal said.
The relief fund had to assure the investors of SHIB coins safety as this huge transaction would cause ‘liquidity concerns’ among the investors. “We have decided to convert the donation slowly over a period of time,” the official Twitter page of the fund clarified.
The funds received are used so far to send oxygen cylinders and other medical supplies to Indian hospitals which suffered shortage.
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