The founder of Ethereum – the second-biggest blockchain network across the globe – Vitalik Buterin, will utilize $100 million worth in USDC to be invested in several projects of high reward and risk in the market of cryptocurrency. The decision has been taken that the donation for the CryptoRelief fund for COVID-19 would be returned to the Ethereum founder. Sandeep Naiwal – the founder of the fund – has given this information.
Ethereum founder would invest in the projects having high reward and risk
As per the Indian CryptoRelief fund’s founder – Sandeep Naiwal – they have frequently discussed the topic of accelerating the relief endeavors in India with Buterin. In Sandeep’s words, up to $100M USDC will be moved back that they acquired from Buterin a year before to speed up the investments deployment in high-reward and high-risk-based projects.
Formerly, in the early phase of 2021, it was decided by the Ethereum Founder that he would donate nearly $1B worth in SHIB to the CryptoRelief Fund to confront COVID-19 across India.
The respective decision for the donation of the respective funds turned out to be a result of obtaining the very SHIB tokens as a present from the SHIB (Shiba Inu) project’s founders. At present, Ethereum founder is getting almost $100M returning in USDC for the investments in various crypto projects. Sandeep added that due to the foreign origins and Indian regulation, there is a requirement of extreme caution about the management of money (incorporating the projects and funds they invest in).
Crypto endeavors in India
Sandeep elaborated that a non-Indian person like Buterin is capable of doing this conveniently and rapidly. He would likely be capable of making quick decisions as well as deploying the projects with higher rewards (having higher risks).
In addition to this, he stated, the majority of the funds to be invested will be utilized for accelerating the funding in Medical science and Biotechnology. In the meantime, CryptoRelief will carry on the operations of its reserves of nearly 302M USDC to continue disbursing in the needy areas across India.
USDC is categorized among the biggest stablecoins across the market. As per the data provided on the behalf of Coingecko the fifth biggest cryptocurrency throughout the world is USDC with up to $50B in market valuation. It is noteworthy here that the biggest stablecoins is even now the USDT (Tether) with $78.2 as its market valuation.
James Thompson