Ethereum maker Vitalik Buterin has contributed 100 Ether (ETH) and 100 Maker (MKR) tokens to a COVID-19 relief fund as the country is embroiled in the second wave of the virus. Buterin has contributed to a “crypto-COVID” relief fund set up on the cryptocurrency custodian platform, Gnosis Safe.
Public transactions on the Ethereum blockchain show two transactions coming from one of Buterin’s wallets on April 24. The creator of Ethereum sent 100 ETH and 100 MKR to the emergency fund, which equates to a dollar value of $ 220,000 and $ 400,000 respectively.
The donation campaign was set up by Sandeep Nailwal, co-founder of Polygon (MATIC). On April 24, Nailwal’s Twitter feed exploded after he broadcast a rallying cry to help the COVID-19 situation in India. The Co-Founder of Polygon tweeted:
“I can’t take this anymore, I’m going to run a Covid aid campaign instead of what’s happening in India. Need help from the global crypto community. I will take full responsibility for transparency, use of funds and regulatory compliance. If you want to donate … “
Nailwal then set up a Google form for potential donors, asking for help from some of India’s largest cryptocurrency exchanges and institutions, such as WazirX, CoinDCX and Bitbns. He tweeted:
Concerns were raised when Nailwal revealed that he had found resistance from people who wanted to donate but were concerned about friction in the regulations. Nailwal later revealed that he had received support from one of India’s top chartered accountants, who had approved the regulations and audits for the campaign.
“Arguably India’s best CA in Crypto @Vacpad has agreed to lead the regulatory and auditing portion for this campaign. Support is pouring in from everywhere. The founders of Indian Crypto are reaching out in person to assist. The next step is to bet the money on the group. People need help NOW, ” tweeted Nailwal.
The second wave of COVID-19 in India is expected to peak in the third week of May. The Indian government has recently abolished all customs duties on essential auxiliary materials, especially items related to the storage and use of medical grade oxygen.