The pandemic has changed the world to a great extent, and many people across the globe are facing a financial crisis and need for hospitals and medicines. While medicinal help can be best provided by medical staff, many generous people have come ahead to provide financial help in this crisis. The founder of Ethereum, Vitalik Buterin, has recently donated around 1.1-billion-dollar cryptocurrency to Covid Relief Fund in India. It is considered the largest individual donation and philanthropic effort for Covid relief in India so far. He is 27-year-old and is known to be a person who loves to make donations generously for noble causes.
Buterin has also donated around 500 ether coins and 50 trillion worth of Shiba Inu Coins. These coins are also cryptocurrencies that have been developed on the Ethereum network. These remarkable donations are considered to be the mother of all donations during this pandemic situation. The net worth of the stakes of this individual was around $21 billion when the price of Ether reached $3000 recently. With the fluctuating values of crypto coins, it is difficult to estimate the exact value of this donation. After this donation, there was a lot of panic amongst the investors, and so the price of Shiba Inu was reduced by around 30%.
Sandeep Nainwal, who is the founder of the crypto startup Polygon, responded to the situation and assured the investors that the relief fund would take care of the donation. There will be no action taken that would hurt the community associated with SHIB. The startup would act responsibly without causing any issues for SHIB (Shiba Inu) holders. The name of this crypto coin is kept after the hunting dog breed of Japan. It is popular as an alternative coin, and the logo is the image of Shiba Inu. The coin has been launched recently within the span of one year, and it is a fast-growing cryptocurrency.
Buterin was born in Russia, and he came to know about Bitcoin, Ethereum, and other cryptocurrencies from his father, Dmitry. His father had a software firm named Wild Apricot when he was 17 years old. He then launched the Bitcoin magazine with a partner in 2011. Later he was a dropout from the Waterloo university after completing one year of computer science courses. He won the Theil fellowship who are giving 1 lakh dollar to the people who want to build new things and don’t want to just sit in the classes.
Buterin has got his SHIB as a gift from some anonymous creators of cryptocurrencies. At that time, it was constituting half of all the SHIB that exists currently in the market. There are roughly 505 billion coins which are worth 50 billion SHIB and are 8 billion dollars. In May, this 505 billion SHIB has become worth 14 billion dollars. This has made the net worth of buterin 16.3 billion dollars combining his other holdings. On the next day itself, his publication was valued at 21 billion dollars. This is the kind of volatility that you would see in cryptocurrencies. You can take advantage of this volatility by doing crypto trading on platforms such as https://the-newsspy.app/
Nainwal was saying that the donations and funds are not brought in the form of cryptocurrency in India. This is the first and unique manner of donating using cryptocurrency in the country. Still, digital currency is not so popular in India. Crypto Relief India, which is the entity of UAE, has been established after two weeks which I am converting the donation of cryptocurrency exchanges. After the conversion, these funds are then deposited in the banks, which are then making the deposits in the Foreign Contribution Regulation Act. This is approved by some NGOs in India.
But the fact of the concern is that how the amount of donation is used. The act is a noble deed, but it should reach out to the masses that are concerned. But all that depends upon the regulatory authorities. Apart from Buterin, there are numerous other top companies and brands that are coming ahead in these moments of crisis to help out the needy people by providing medicines, funds, and other necessities.
