In an effort to combat the ongoing COVID-19 pandemic, Ethereum co-founder Vitalik Buterin and Polygon co-founder Sandeep Nailwal are working closely with India-based crypto fund Crypto Relief, striving to send $100 million towards COVID-19 research and development of medical infrastructure in India. The pair will receive $90 million in USD Coin (USDC) from Crypto Relief, while Buterin contributes an additional $10 million from his personal funds.
Buterin and Nailwal aim to distribute funds in compliance with local Indian laws, as the first installment went towards tackling the COVID-19 pandemic in India through “emergency humanitarian relief.” Crypto Relief, a community-run fund providing financial assistance to India during the pandemic, is at the forefront of this endeavor.
As the world faces “large risks” from future pandemics, the funds will be directed towards fostering “frontier scientific innovation” and “on-the-ground implementation.” Areas of focus for COVID-19 research will include improving ventilation, HEPA filtering, and experimental tech such as UVC irradiation. Buterin also highlights the importance of studying “Long COVID,” as an increasing number of people suffer from lasting symptoms even after recovery.
However, there are concerns surrounding the effective implementation of these funds, as well as legal complexities. Despite the apparent goodwill behind these efforts, questions arise as to whether the financial assistance will reach the intended recipients and have the desired impact.
This endeavor is not Buterin’s first foray into philanthropy. In April 2022, he sent $5 million worth of Ether (ETH) donations to “Aid for Ukraine” to support the country in its defense against the Russian invasion in February 2022. Crypto Relief, on the other hand, has raised a whopping $473 million in funds as of November 26.
The initiative taken by Buterin and Nailwal has the potential to make a significant impact on India’s fight against COVID-19 and future pandemics. However, navigating the associated challenges and ensuring effective distribution of funds will prove crucial to achieving the desired outcomes.
Source: Cointelegraph
