Ethereum co-founder Vitalik Buterin and fellow cryptocurrency legend Balaji Srinivasan are pitching into a fund set up by Polygon Co-founder Sandeep Nailwal to help provide relief to COVID-19-ravaged India.
It all started with this tweet by Nailwal, the founder of Polygon, an Ethereum scaling platform.
That prompted Balaji Srinivasan, a former Coinbase CTO and board partner at VC firm Andreessen Horowitz, to donate $50,000 in ETH and called on others to contribute as well.
Buterin then answered Nailwal’s call by sending 100 ETH and 100 MKR, worth more than $600,000 or INR 5 Crores.
Srinivasan further said that for those who can’t afford to donate he’ll contribute another $50, up to $100,000, for every retweet of his appeal.
While the gesture is welcome, the local news outlets started raising concerns about liquidation of the crypto and regulations in the country around donations from Foreign locations. In response, Nailwal setup an entity in UAE named ‘IN Covid Support FZE LLC’ to convert Crypto to Fiat and bring in the USD/INR via proper channels.
Nations around the world are pitching in to help India deal with the latest wave as the country battles with the crisis.