Here’s how Buterin’s millions donated to India’s covid relief program were spent

Here's how Buterin's millions donated to India's covid relief program was spent
2 months ago
2 mins read

Ethereum creator Vitalik Buterin came to India’s aid during the second wave of Covid-19, as the number of daily cases increased dramatically between April and May last year when hospitals ran out of beds and oxygen cylinders. 

With millions in donations to India’s Covid-19 relief fund, Vitalik assisted the country in its battle against the epidemic, giving around 500 Ethereum, 50 trillion Shiba Inu tokens, and other cryptocurrencies in May 2021.

In January, around 100 million Shiba Inu tokens were returned to Vitalik. The Ethereum creator said that he had co-founded a new charitable organization named Balvi and that the funds had been transferred to that organization. Furthermore, Buterin said the funds would be utilized for development in the fields of science and medicine.

On May 5, Vitalik verified via a tweet that his charitable organization Balvi had received the first round of fund recipients from which Balvi acquired $2.5 million in its first round of funding.

How the funds were used

The funds would be utilized to conduct research and development of Covid-19 vaccinations. A small number of people have had adverse effects as a result of the vaccine, and research and development is being conducted to reduce these consequences impacts against infections caused by the vaccine. 

There are also UV lamps that zap viruses to death, reducing transmission in indoor settings, air filters also reducing transmission in indoor environments. Additionally, air quality monitors to identify where air quality improvements are needed.

Buterin added:

“The future of bio-defense is decentralized, open, collaborative, and actually doesn’t require infringing on millions of people’s livelihood and freedom. But it does require dedicated smart people to be supported in their hard work on making these tech solutions happen.”

Meanwhile the research and development wing tweeted:

Notably, Buterin’s SHIB donation to India was converted into $76 million in stablecoins last year, while this year, he has already donated $5 million in ETH to aid Ukraine.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.