Sandeep Nailwal, a cofounder of Polygon (MATIC) and founder of Crypto Relief, has just posted a CryptoRelief Update via his official Twitter handle.
Have been in discussions with @VitalikButerin on how to accelerate relief efforts in India. And we have come up with a solution, we will moving $100mn USDC back to Vitalik, a non-Indian, to do fast deployment in high risk/reward projects.
Why? A thread
— Sandeep | Polygon 💜 (@sandeepnailwal) January 28, 2022
According to the update, Sandeep wants to accelerate relief efforts in India, as his firm Crypto Relief is vigilant to be in full compliance with Indian jurisdiction despite the fact that Cryptorelief entity is based out of India.
For this reason, he went into detailed discussions with Ethereum’s Co-founder, Vitalik Buterin, who has donated 50 trillion SHIB tokens (worth around $1.2 billion at the time) to an India COVID-19 relief fund at the start of May 2021, when he was gifted 50% of SHIB supply by the SHIB team.
Following the conversation, Polygon’s cofounder and Ethereum’s Co-founder comes up with the solution i.e., Crypto Relief India has decided to move $100 million USDC back to Vitalik, a non-Indian, to do the fast deployment in high risk/reward projects especially in R&D “which may extend beyond India”.
Sandeep further noted that his firm Crypto Relief keeping in mind the fund’s foreign origin and laws of India has followed a systematic, controlled & robust approach in moving funds with the purpose to be utilized for India.
As Vitalik is non-Indian he can take faster decisions and deploy these funds to projects which have higher risk but high rewards too.
Sandeep Nailwal also clarified that CryptoRelief India still has 302 million USDC in reserves, besides 70 million that it has already deployed. The CryptoRelief will keep moving these funds in areas of need in India as it is.
Vitalik Buterin responded to Sandeep’s Tweet and noted that he has planned to deploy these funds personally with the help of science advisors, and in order to accomplish and complement CryptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide, he has co-founded a new organization to direct these funds with the name “Balvi”.
I've cofounded a new org (Balvi) to direct these funds, which is in a better position to make these bets which will are very-high-value and global in nature and bring great benefit to Indians and non-Indians. You can follow funds at this address:https://t.co/mvmSSGPLmI
— vitalik.eth (@VitalikButerin) January 28, 2022
The new organization will invest funds that will be of very high value and global in nature and bring great benefit to Indians and non-Indians. Some of the projects Vitalik hinted at are as follows:
“Vaccine R&D, Innovative approaches to Air filtration and Ventilation, Testing and Much More.”
Vitalik has not shared the full information yet as he said more information about this matter will be updated soon.