- Cryptocurrencies step into the aid of India reeling under the Covid 19 epidemic
- Ehtereum co-founder Vitalik Buterin said that the assistance would be used for COVID-19 relief in India
- Support will encourage other Crypto Giants to extend help
When the second populous country in the world is reeling under the worst covid pandemic, aid has started pouring from all corners. The latest being is Ehtereum co-founder Vitalik Buterin sent aid worth $606,110 (roughly Rs. 4.5 crores) for use in COVID-19 relief in India.
Gadgets.ndtv.com reports that the assistance from Ethereum Co-Founder was sent to Indian entrepreneur Sandeep Nailwal who started the campaign. Vitalik Buterin hailed Sandeep for starting the aid campaign, and at the time of writing, 100 ETH worth Rs 1.64 crores have been despatched. Naliwal will use the funds to get oxygen, food, vaccine costs.
Second only to Bitcoin
Ethereum is an open-source blockchain that was founded in 2014. These days, it is in the news because it can be used to make and transfer non-fungible tokens (NFTs). NFT are uniquely identified digital collectibles which individuals can hold. Ethereum has a currency named Ether and, as per latest market reports, stands second after Bitcoin among all cryptocurrencies.
The unprecedented scale of the tragedy
The scale of the tragedy in India has woken the world. Now relief is pouring from all corners of the globe. The cryptocurrency world is also contributing significantly, and Buterin’s donation should help encourage the global cryptocurrency community to make a difference here.
Gadgets.ndtv.com also reports that Vitalik Buterin posted on his Twitter account a pair of links to EtherScan, an independent platform for sharing blockchain data built for Ethereum. It showed 100 MKR (Maker) transactions and 100 ETH (Ether) that hold a combined market value of over $600,000 or over Rs. 4.5 crores. The use of cryptocurrencies is not possible directly for the relief efforts since they are not widely accepted; there is a high market value of these tokens.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.