The fund, backed by Ethereum founder Vitalik Buterin, for COVID-19 relief in India, has managed to convert only $20 million of the 50 trillion SHIB it received (~$313.5 million at the time of writing). Bloomberg reports.<\/p>\n
In the future, the organisation can count on an additional ~$20 million. At the time of transfer of funds, the tokens valued at $1 billion<\/a>. The negative revaluation is linked in part to the overall decline in crypto market capitalization following the May crash<\/a>.<\/p>\n The creators of SHIB and other “dog-meme” tokens directed part of their supply to Buterin as an “act of burning”. The Ethereum co-founder allocated substantial volumes of these assets to charitable purposes. Among the recipients was the organization founded by the Polygon developer, Sandip Nailwal. Earlier, Buterin donated $600,000<\/a> to the fund.<\/p>\n Nailwal explained that the slow pace of disbursement was his way of ensuring transparency in delivering the funds to the ultimate beneficiaries. To this end, he plans to hire a trusted auditor. The aid is being used to purchase food nationwide, as well as to create rural intensive-care units for the infected.<\/p>\n The fund’s founder also cited bureaucratic difficulties. He had to operate under India’s Foreign Contributions Regulation Act due to converting the tokens into rupees via dollars.<\/p>\n The fund has managed to convert roughly 80% of the funds into fiat. Nailwal estimated the final value at $400 million from converting Buterin’s 50 trillion SHIB.<\/p>\n In an interview, Nailwal did not rule out a new wave of COVID-19.<\/p>\n In May, Coinbase launched<\/a> the Coinbase Giving charitable program with the aim of “expanding economic freedom for every person or company around the world”.<\/p>\n