COVID-Crypto Relief Fund

The COVID-Crypto Relief Fund (Crypto Relief) was announced on 24 April 2021 during the second wave of the COVID-19 pandemic in India.[1][2][3] India Crypto Relief Fund was founded by Sandeep Nailwal, who is also the co-founder of Polygon (Matic).[4][5] Crypto Relief Fund's mission is set to ensure complete transparency and compliance with existing laws with regards to bringing the donations in India to empower important healthcare projects.

Details About The Fund

All the donations were held in crypto wallets under a special entity in UAE - IN COVID SUPPORT FZE LLC. All wallet details - including the amounts collected under each cryptocurrency - are available to view publicly. [6]

In August 2021, the fund signed a deal with UNICEF India to procure 160 million syringes.[7] By mid-October 2021, the fund had "disbursed $36.28 million out of the $429.59 million collected till now in 10 different cryptocurrencies".[7] Vitalik Buterin,[2] Bret Lee and Balaji Srinivasan are among the contributors.[8][9] Market volatility is also a challenge.[10]

References
  1. "Why A $1 Billion Donation To India Covid Relief Shocked Memecoin Traders". NDTV. Sophie Alexander and Tom Maloney, Bloomberg. 14 May 2021. Retrieved 2021-05-16.CS1 maint: others (link)
  2. Banerjee, Prasid (2021-05-13). "Crypto genius gives a billion dollars worth of joke coin for India covid relief". mint. Retrieved 2021-05-16.
  3. Mihindukulasuriya, Regina (2021-04-28). "India's 'Crypto Relief' Covid fund is all ready with nowhere to go". ThePrint. Retrieved 2021-05-16.
  4. "What is Polygon (MATIC) - Simplecryptoguide.com". Simplecryptoguide.com. Retrieved 2021-12-06.
  5. "India Covid Crypto Relief Fund to donate $15 million to UNICEF". The Economic Times. Retrieved 2021-11-09.
  6. "Crypto relief for India's COVID-19 crisis pours in, even as it remains a legal grey area- Technology News, Firstpost". Tech2. 2021-05-11. Retrieved 2021-11-09.
  7. Verma, Mimansa (14 October 2021). "The crypto community's efforts to plug India's syringe shortage have hit supply-chain hurdles". Quartz. Retrieved 2021-10-22.
  8. "Crypto Relief Donations To India During Covid-19 Second Wave. What Was It?". NDTV. 16 August 2021. Retrieved 2021-10-22.
  9. "Brett Lee donates bitcoin to Crypto Relief for India's fight against COVID-19". The Indian Express. PTI. 2021-04-28. Retrieved 2021-10-22.CS1 maint: others (link)
  10. "What happened to $1 billion cryptos donated to India as Covid-19 aid". Livemint. Bloomberg. 2021-07-28. Retrieved 2021-10-22.CS1 maint: others (link)
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.