Ethereum co-founder Buterin donates $600k in ETH, MKR towards India’s Covid-19 relief

Ethereum co-founder Buterin donates $600 in ETH, MKR towards India's Covid-19 relief
1 week ago
2 mins read

Ethereum co-founder Vitalik Buterin has donated approximately $600,000 in ETH and MKR towards India’s coronavirus relief package. 

Through his Twitter account, Buterin shared proof of his 100 ETH donation valued at approximately $228,648 alongside 100MKR worth $380,000 by press time.

Buterin was responding to an appeal by Ethereum scaling platform, Polygon founder Balaji Srinivasan Nailwal who called for donations towards helping India. The country is currently in crisis following a devastating Covid-19 surge with global partners pledging for support.

Other individuals who responded to the appeal include former Coinbase CTO and board partner at VC firm Andreessen Horowitz, Balaji Srinivasan, who donated about 21.74 ETH valued at approximately $50,000.

According to Nailwal, the funds will be channeled towards acquiring oxygen, food and possibly covering the vaccines’ cost. In upholding transparency, Nailwal affirmed he would publish the spending publicly.

India’s crypto ban legislation

The donation comes at a time India is preparing legislation that will ban cryptocurrencies. Furthermore, the donation might be welcomed by the country’s authorities since Prime Minister Narendra Modi has said the government is on its knees following the pandemic.

Although the donation by Buterin is in a personal capacity, the Ethereum Foundation has been involved actively in charities. 

Last year, the foundation reportedly donated 1,125 ETH to UNICEF. Elsewhere, in 2019, the foundation donated an unspecified amount to UNICEF’s bitcoin and ether pilot crypto fund.

Featured image via TechCrunch YouTube

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Samuel Town

Samuel is a professional finance copywriter with years of experience. He has created propositions, pitch decks, white papers, and content for over 100 respectable firms, startups, businesses, and institutions globally. At Finbold.com he covers deep-dive reviews of the various financial companies.