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Crypto Relief India has decided to move $100 Million USDC Back to Vitalik Buterin Wallet with the Intention to Accelerate Relief Efforts in India

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Sandeep Nailwal, a cofounder of Polygon (MATIC) and founder of Crypto Relief, has just posted a CryptoRelief Update via his official Twitter handle.

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”.

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.

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

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