Ethereum’s Vitalik Buterin has received $100 million back from his massive Shiba Inu donation to the Crypto Relief fund. For details cryptocoin.com keep reading.
CryptoRelief is sending back $100 million of SHIBA funds to me. I plan to personally distribute these funds with the help of science advisors to complement the current excellent work of CryptoRelief with some high-risk, high-reward Covid science and relief projects around the world.
What will the billionaire do with the Shiba Inu tokens he bought back?
Sandeep Nailwal, co-founder of Polygon, who created the said aid fund, explains the need to comply with India’s laws that limit the scope of projects it can contribute to. At the same time, Vitalik Buterin, a Canadian citizen, has more leeway when it comes to donations, which will allow him to make riskier bets:
Because Vitalik is not Indian, it can make decisions faster and deploy more quickly to higher risk but high return projects.
Vitalik Buterin says he is co-founder of an organization called ‘Balvi’, which will direct funds to projects focused on research and development in vaccines, ventilation, air filtration and other areas. The total amount of $100 million has been converted to USD Coin (USDC), which means that future donations will not put selling pressure on the SHIB token.
The young billionaire created quite a stir in early May after donating $1 billion SHIB to the pandemic-focused relief fund. However, due to price volatility and compliance issues, it was difficult to actually cash out the generous donation. In a podcast with Lex Fridman, Buterin recalled how he realized his dog money was worth billions and decided to do ‘really good things’ with them:
I’ve seen these dog tokens and realized that more and more people are talking about them and at one point these things are worth billions of dollars and there are some really good things you can do with it.
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