Cryptorelief enables Vitalik's accelerated funding vision for global Biotechnology & Medical Science projects
Crypto Relief contributes 100mn USD towards Vitalik Buterins vision for Research in Health
Over the last few months, we have been in discussions with Vitalik Buterin on how to accelerate relief efforts. And we have come up with a solution, we will move $100mn USDC back to Vitalik, being a non-Indian citizen, to do faster deployment of funds in high risk/reward projects.
Since its inception, Cryptorelief, an initiative started by Sandeep Nailwal (Indian citizen), has been extra cautious to be in full compliance with Indian jurisdiction, even though the Cryptorelief entity is based out of India.
Considering its foreign origin and laws of the land, Crypto Relief followed a systematic, controlled and robust approach in disbursing funds mandated to be utilized for India. Reemphasizing the fact that Sandeep being an Indian passport holder, always took extra caution in fund deployment for any projects, which is good, but it makes the process a bit slow because of the due diligence, audits etc. Vitalik however may follow an accelerated approach of fund deployment being non-Indian.
Hence, to enable Vitalik's global vision, which may extend beyond India, a sum of 100 million USDC will be transferred back to Vitalik's address for accelerated funding in the domains of Biotechnology and Medical science, wherever he deems fit. CryptoRelief still reserves, 300mn USDC to keep deploying in areas of need in India as it has been doing till now.
Cryptorelief wishes all the best to the team and may this amount help in creating a better world & future for all.