COVID-Crypto Relief Fund explained

The COVID-Crypto Relief Fund (Crypto Relief) was announced on 24 April 2021 during the second wave of the COVID-19 pandemic in India.[1] [2] [3] India Crypto Relief Fund was founded by Sandeep Nailwal.[4]

About the fund

All the donations are held in crypto wallets under a special entity in UAE - IN COVID SUPPORT FZE LLC. All wallet details - including the amounts collected under each cryptocurrency - are available to view publicly.[5]

In August 2021, the fund signed a deal with UNICEF India to procure 160 million syringes.[6] By mid-October 2021, the fund had "disbursed $36.28 million out of the $429.59 million collected till now in 10 different cryptocurrencies". Vitalik Buterin, Bret Lee and Balaji Srinivasan are among the contributors.[7] [8] Market volatility is also a challenge.[9]

Notes and References

  1. Web site: 14 May 2021. Sophie Alexander and Tom Maloney, Bloomberg. Why A $1 Billion Donation To India Covid Relief Shocked Memecoin Traders. live. 2021-05-16. NDTV. https://web.archive.org/web/20210514051303/https://www.ndtv.com/india-news/a-1-billion-crypto-donation-to-india-covid-relief-in-memecoins-explained-2441443 . 2021-05-14 .
  2. Web site: Banerjee. Prasid. 2021-05-13. Crypto genius gives a billion dollars worth of joke coin for India covid relief. 2021-05-16. mint. en.
  3. Web site: Mihindukulasuriya. Regina. 2021-04-28. India's 'Crypto Relief' Covid fund is all ready with nowhere to go. 2021-05-16. ThePrint. en-US.
  4. News: India Covid Crypto Relief Fund to donate $15 million to UNICEF. The Economic Times. 2021-11-09.
  5. Web site: 2021-05-11. Crypto relief for India's COVID-19 crisis pours in, even as it remains a legal grey area. 2021-11-09. Tech2.
  6. Web site: Verma. Mimansa. 14 October 2021. The crypto community's efforts to plug India's syringe shortage have hit supply-chain hurdles. live. 2021-10-22. Quartz. en. https://web.archive.org/web/20211014055416/https://qz.com/india/2073130/supply-chain-woes-hit-indian-crypto-communitys-covid-aid-efforts/ . 2021-10-14 .
  7. Web site: 16 August 2021. Crypto Relief Donations To India During Covid-19 Second Wave. What Was It?. live. 2021-10-22. NDTV. https://web.archive.org/web/20210816134922/https://www.ndtv.com/business/crypto-relief-poured-into-india-during-covid-19-second-wave-what-was-it-2511771 . 2021-08-16 .
  8. Web site: 2021-04-28. PTI. Brett Lee donates bitcoin to Crypto Relief for India's fight against COVID-19. live. 2021-10-22. The Indian Express. en. https://web.archive.org/web/20210427142156/https://indianexpress.com/article/sports/ipl/brett-lee-donates-bitcoin-to-crypto-relief-for-indias-fight-against-covid-19-7291495/ . 2021-04-27 .
  9. Web site: 2021-07-28. Bloomberg. What happened to $1 billion cryptos donated to India as Covid-19 aid. live. 2021-10-22. Livemint. https://web.archive.org/web/20210728083112/https://www.livemint.com/market/cryptocurrency/what-happened-to-1-billion-cryptos-donated-to-india-as-covid-19-aid-11627459071249.html . 2021-07-28 .

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