Vitalik Buterin, the co-founder of Ethereum, and Sandeep Nailwal, the co-founder of Polygon, have announced a joint initiative to donate $100 million to COVID-19 research and medical infrastructure development in India. The donation aims to support the long-term recovery from the pandemic and improve the healthcare system in the country.
Buterin and Nailwal are both prominent figures in the crypto space, known for their innovative contributions to the blockchain industry. Buterin is the creator of Ethereum, the second-largest cryptocurrency by market capitalization and the leading platform for smart contracts and decentralized applications. Nailwal is the co-founder of Polygon, a scaling solution that enables fast and low-cost transactions on Ethereum.
The two crypto leaders have decided to use their influence and resources to address one of the most pressing global challenges: the COVID-19 pandemic. India has been one of the hardest-hit countries by the virus, with over 33 million confirmed cases and over 440,000 deaths as of June 2023. The pandemic has also exposed the weaknesses of the healthcare system in India, which suffers from a lack of funding, equipment, and personnel.
To tackle this issue, Buterin and Nailwal have partnered with Crypto Relief, a community-run fund that provides financial assistance to COVID-19 relief efforts in India. Crypto Relief will allocate $90 million in USD Coin (USDC), a stablecoin pegged to the US dollar, to Buterin and Nailwal. The remaining $10 million will come from Buterin’s personal funds.
Buterin and Nailwal will then distribute the funds to various projects that focus on COVID-19 research and medical infrastructure development. Some of these projects include:
Long COVID Research Foundation: A non-profit organization that conducts research on the long-term effects of COVID-19 on physical and mental health.
India Health Fund: A public-private partnership that supports innovative solutions for healthcare delivery and access in India.
Oxygen for India: A coalition of volunteers and organizations that provides oxygen supplies and equipment to hospitals and patients in need.
Swasth Digital Health Foundation: A non-governmental organization that leverages digital technology to improve health outcomes and quality of care in India.
Buterin and Nailwal hope that their donation will help India overcome the challenges posed by COVID-19 and prepare for future pandemics. They also hope that their initiative will inspire other crypto leaders and communities to join them in their philanthropic efforts.
Buterin said in a tweet: “COVID-19 is not over yet, and we need to work together to find solutions that respect people’s rights and freedom while keeping them safe and healthy. I’m proud to collaborate with Sandeep Nailwal and Crypto Relief to support COVID-19 research and medical infrastructure development in India.”
Nailwal said in a statement: “I’m honored to partner with Vitalik Buterin, one of the most visionary minds in crypto, to make a positive impact on the world. Together, we can leverage the power of crypto to fight COVID-19 and improve healthcare systems in India.”