$20M of Buterin’s $1B COVID Relief Crypto Donation Paid Out So Far

The founder of the world’s second-largest cryptocurrency Ethereum, Vitalik Buterin, donated around $1B to India’s Covid Crypto Relief Fund led by Entrepreneur Sandeep Nailwal.

Sandeep Nailwal, founder of the crypto COVID-19 relief fund, ran into challenges in distributing donated funds.

Around $20 million worth of Vitalik Buterin’s donation to a COVID-19 relief crypto fund in India has been paid out so far. It was a donation that totaled around $1 billion in cryptocurrency.

Back in May, the Ethereum (ETH) co-founder sent a whopping donation of 50 trillion Shiba Inu (SHIB) tokens to India. This followed an earlier donation of 100 ETH and 100 Maker (MKR), equating to $650,000 at the time, when a wave of COVID-19 savaged India, causing record fatalities.

However, reports have since revealed that the relief fund that received Buterin’s donation has only paid out $20 million worth. The fund’s founder, Indian entrepreneur Sandeep Nailwal, attested that he exercised caution when disbursing the funds. The $20 million already paid out will be followed by another $20 million currently in the pipeline.

Reports also indicate that the Polygon co-founder ran into a number of challenges when distributing the money.

These included India’s Foreign Contribution Regulation Act, which reportedly required the fund to convert the crypto donation into dollars and then into rupees. Reports indicate the fund has not yet finished converting the full donation, with approximately 80% completed.

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