Vitalik in response to the return of the Crypto Relief fund stated, CryptoRelief is sending $100m of the $SHIBA funds back to me. I plan to personally deploy these funds with the help of science advisors to complement CryptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide.
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.
Projects will include vaccine R&D, innovative approaches to air filtration and ventilation, testing and much more.
The 100M is not in SHIB anymore, but it is in a stable coin. So, Vitalik cannot be asked by the SHIB community to burn anything.
Sandeep of Polygon expressed: CryptoRelief Update: 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?
Since inception, @CryptoRelief, has been extra cautious to be in full compliance of Indian jurisdiction, even though Cryptorelief entity is based out of India.
Considering fund’s foreign origin and laws of the India, Crypto Relief followed a systematic, controlled & robust approach in disbursing funds mandated to be utilised for India. But being an Indian citizen(NRI), I have to be extra cautious in any of the projects being donated to.
Vitalik being a non-Indian can do it in a more accelerated way by being able to do faster decision making and deploying to projects which have higher risk but high rewards too.
Per conversations with Vitalik (who donated ~98% of the fund) on accelerated funding in Biotechnology & Medical Science at global scale, it was concluded to a-portion 100 million USDC to Vitalik’s vision for him to implement the same.
Hence, to enable this vision, specially in R&D, “which may extend beyond India”, a sum of 100 million USDC will be transferred back to Vitalik’s address for accelerated funding in the domains of Biotechnology and Medical science, wherever he deems fit.
CryptoRelief still reserves, 302mn USDC (Apart from ~70mn that it has already deployed) to keep disbursing in areas of need in India as it is. Cryptorelief wishes all the best to Vitalik’s team and may this amount help in creating better world & future for all.
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