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What Happened of the $1 Billion Covid Crypto Relief Fund Received in India- Founder Sandeep Nailwal Answers

What’s the status of the Crypto Relief Fund? Learn more

Thursday, 29th July 2021

Delhi –based entrepreneur Sandeep Nailwal had founded the India Covid Crypto Relief Fund in which Vitalik Buterin had donated about $1 billion in cryptocurrency. However, even after the passage of two months since the Ethereum co-founder made the donation, only about $20 million has been paid out.

Nailwal however said that even though the amount seems small, it is quite significant given the complexities of cashing out of an illiquid asset, adhering with government regulations and getting the money to the right places.

In a recent interview, Mr Nailwal said that Mr Buterin's gift of 50 trillion Shiba Inu coins which is 5 per cent of the memecoin in circulation, caused a 50 per cent crash in the price. The tokens should eventually amount to $400 million, according to Nailwal.

He also said that what has caused the entire process to further delay is taking care that all concerned local regulations are complied with. This is time consuming and as per Nailwal, after adhering to the norms under the Indian Foreign Contribution Regulation Act, the fund has been slowly converting the tokens into dollars and then rupees. They are now at around 80 per cent completion stage.

According the Mr Nailwal, they have also been wary about how the fund gets disseminated. As of now, he said, he has paid out $20 million and another $20 million is in the pipeline ready for disbursement. He is also planning to engage a big-name audit firm to ensure complete transparency in the distribution of funds which he wants to ensure reaches the grass roots level.

The fund was instituted in the month of April by Mr Nailwal who had done so with the intention of battling the deadly coronavirus pandemic which ravaged the nation with record cases of infections and deaths. He said, the fund is now concentrating its efforts on tackling a potential third wave.

The money has been so far distributed among organizations involved in distributing food across the length and breadth of the country as well as to 10 Bed ICU, an organization that focuses on setting up mini-intensive care wards for patients suffering from severe cases of Covid-19 in rural India.

Aiming at handling a potential resurgence of the pandemic, Nailwal said, “We have been in preparation for the third wave.”

The News Talkie Bureau



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