Buterin partners with Nailwal and Crypto Relief to address the ongoing challenges caused by COVID-19 and the future global health risks.
The Crypto Relief will release to Buterin and Nailwal the sum of $90 million while the balance of $10 million will be augmented by Buterin’s private contribution.
Objectives for the Fund
According to Vitalik, the duo will be dedicated to critical initiatives.
Buterin and Nailwal will also play a pivotal part in the implementation and distribution of the funds.
Primarily, the allocated funds will support the research into COVID-19 airborne transmission.
It will also focus on improving medical equipment like; improved ventilation and experimental technologies such as UVC irradiation, and HEPA filtering.
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In addition, this initiative will emphasize the research on “Long COVID” to handle the long-term impacts experienced by many individuals.
Calling attention to the emergency of finding far-reaching solutions, Buterin emphasized the joint frontier invention with an on-the-ground implementation.
Furthermore, Buterin acknowledges the tenacious risk of COVID-19 and possible future pandemics.
He also stresses the significance of a global viewpoint.
To hasten the management and distribution of the donated funds, a Gnosis Safe wallet will be used.
With this transparent and secure measure, the resources will surely be allocated effectively to their intended recipients.
Is this Initiative an Isolated Act of Buterin’s Philanthropy?
The generous donation towards the COVID-19 research isn’t Buterin’s isolated act of philanthropy.
In an earlier act of solidarity, Buterin donated $5 million worth of ETH (Ether) to “Aid for Ukraine” to assist in Ukraine’s defense against the invasion of Russia last year February.
This initiative by Buterin and Crypto Relief symbolizes a notable milestone in the war against COVID-19 in India.
Also, it displays the developing role of cryptos in philanthropy.
Moreover, this donation will energize research efforts, improve medical infrastructure, and provide hope in these difficult times.
Even though bankers and global regulators keep on subjecting the crypto industry to heightened scrutiny, its potential to serve worthy causes shouldn’t be overlooked.
The crypto industry’s capacity to speed up cross-border activities and minimize transaction costs places cryptos as an efficient way of sponsoring charitable endeavors.
