COVID-Crypto Relief Fund: Difference between revisions

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{{Short description|COVID-related charity in India}}
{{Short description|COVID-related charity in India}}
{{Merge to|COVID-19 pandemic in India|discuss=Talk:COVID-19 pandemic in India#Proposed merge of COVID-Crypto Relief Fund into COVID-19 pandemic in India|date=September 2021}}
The '''COVID-Crypto Relief Fund''' ('''Crypto Relief''') was announced on 24 April 2021 during the second wave of the [[COVID-19 pandemic in India]].<ref>{{Cite web|date=14 May 2021|others=Sophie Alexander and Tom Maloney, Bloomberg|title=Why A $1 Billion Donation To India Covid Relief Shocked Memecoin Traders|url=https://www.ndtv.com/india-news/a-1-billion-crypto-donation-to-india-covid-relief-in-memecoins-explained-2441443|url-status=live|access-date=2021-05-16|website=NDTV|archive-url=https://web.archive.org/web/20210514051303/https://www.ndtv.com/india-news/a-1-billion-crypto-donation-to-india-covid-relief-in-memecoins-explained-2441443 |archive-date=2021-05-14 }}</ref><ref name=":2">{{Cite web|last=Banerjee|first=Prasid|date=2021-05-13|title=Crypto genius gives a billion dollars worth of joke coin for India covid relief|url=https://www.livemint.com/news/india/crypto-genius-gives-a-billion-dollars-worth-of-joke-coin-for-india-covid-relief-11620892706902.html|access-date=2021-05-16|website=mint|language=en}}</ref><ref>{{Cite web|last=Mihindukulasuriya|first=Regina|date=2021-04-28|title=India's 'Crypto Relief' Covid fund is all ready with nowhere to go|url=https://theprint.in/tech/indias-crypto-relief-covid-fund-is-all-ready-with-nowhere-to-go/647397/|access-date=2021-05-16|website=ThePrint|language=en-US}}</ref> India Crypto Relief Fund was founded by Sandeep Nailwal.<ref>{{Cite news|title=India Covid Crypto Relief Fund to donate $15 million to UNICEF|work=The Economic Times|url=https://economictimes.indiatimes.com/tech/tech-bytes/india-covid-crypto-relief-fund-to-donate-15-million-to-unicef/articleshow/85694682.cms?from=mdr|access-date=2021-11-09}}</ref>
The '''COVID-Crypto Relief Fund''' ('''Crypto Relief''') was announced on 24 April 2021 during the second wave of the [[COVID-19 pandemic in India]].<ref>{{Cite web|date=14 May 2021|others=Sophie Alexander and Tom Maloney, Bloomberg|title=Why A $1 Billion Donation To India Covid Relief Shocked Memecoin Traders|url=https://www.ndtv.com/india-news/a-1-billion-crypto-donation-to-india-covid-relief-in-memecoins-explained-2441443|url-status=live|access-date=2021-05-16|website=NDTV}}</ref><ref>{{Cite web|last=Banerjee|first=Prasid|date=2021-05-13|title=Crypto genius gives a billion dollars worth of joke coin for India covid relief|url=https://www.livemint.com/news/india/crypto-genius-gives-a-billion-dollars-worth-of-joke-coin-for-india-covid-relief-11620892706902.html|access-date=2021-05-16|website=mint|language=en}}</ref><ref>{{Cite web|last=Mihindukulasuriya|first=Regina|date=2021-04-28|title=India's 'Crypto Relief' Covid fund is all ready with nowhere to go|url=https://theprint.in/tech/indias-crypto-relief-covid-fund-is-all-ready-with-nowhere-to-go/647397/|access-date=2021-05-16|website=ThePrint|language=en-US}}</ref> The fund has been able to provide donations for oxygen concentrators and oxygen cylinders.<ref name=":0">{{Cite web|last=Madhukalya|first=Anwesha|date=14 May 2021|title=India Crypto Covid Relief Fund: What is it and how does it work?|url=https://www.businesstoday.in/current/economy-politics/india-crypto-covid-relief-fund-how-did-it-start/story/439065.html|url-status=live|access-date=2021-05-16|website=Business Today}}</ref> Crypto exchanges in India are providing the expertise to convert the crypto money into [[fiat money]]. Regulatory clearances have also been addressed.<ref name=":0" />
 
==About the fund==
 
All the donations were held in crypto wallets under a special entity in UAE - IN COVID SUPPORT FZE LLC. All wallet details - including the amounts collected under each cryptocurrency - are available to view publicly. <ref>{{Cite web|date=2021-05-11|title=Crypto relief for India's COVID-19 crisis pours in, even as it remains a legal grey area- Technology News, Firstpost|url=https://www.firstpost.com/tech/news-analysis/crypto-relief-for-indias-covid-19-crisis-pours-in-even-as-it-remains-a-legal-grey-area-9611101.html|access-date=2021-11-09|website=Tech2}}</ref>
 
In August 2021, the fund signed a deal with [[UNICEF]] [[India]] to procure 160 million syringes.<ref name=":1">{{Cite web|last=Verma|first=Mimansa|date=14 October 2021|title=The crypto community's efforts to plug India's syringe shortage have hit supply-chain hurdles|url=https://qz.com/india/2073130/supply-chain-woes-hit-indian-crypto-communitys-covid-aid-efforts/|url-status=live|access-date=2021-10-22|website=Quartz|language=en|archive-url=https://web.archive.org/web/20211014055416/https://qz.com/india/2073130/supply-chain-woes-hit-indian-crypto-communitys-covid-aid-efforts/ |archive-date=2021-10-14 }}</ref> By mid-October 2021, the fund had "disbursed $36.28 million out of the $429.59 million collected till now in 10 different cryptocurrencies".<ref name=":1" /> [[Vitalik Buterin]],<ref name=":2" /> [[Brett Lee|Bret Lee]] and [[Balaji Srinivasan]] are among the contributors.<ref>{{Cite web|date=16 August 2021|title=Crypto Relief Donations To India During Covid-19 Second Wave. What Was It?|url=https://www.ndtv.com/business/crypto-relief-poured-into-india-during-covid-19-second-wave-what-was-it-2511771|url-status=live|access-date=2021-10-22|website=NDTV|archive-url=https://web.archive.org/web/20210816134922/https://www.ndtv.com/business/crypto-relief-poured-into-india-during-covid-19-second-wave-what-was-it-2511771 |archive-date=2021-08-16 }}</ref><ref>{{Cite web|date=2021-04-28|others=PTI|title=Brett Lee donates bitcoin to Crypto Relief for India's fight against COVID-19|url=https://indianexpress.com/article/sports/ipl/brett-lee-donates-bitcoin-to-crypto-relief-for-indias-fight-against-covid-19-7291495/|url-status=live|access-date=2021-10-22|website=The Indian Express|language=en|archive-url=https://web.archive.org/web/20210427142156/https://indianexpress.com/article/sports/ipl/brett-lee-donates-bitcoin-to-crypto-relief-for-indias-fight-against-covid-19-7291495/ |archive-date=2021-04-27 }}</ref> [[Market (economics)|Market]] volatility is also a challenge.<ref name=":3">{{Cite web|date=2021-07-28|others=Bloomberg|title=What happened to $1 billion cryptos donated to India as Covid-19 aid|url=https://www.livemint.com/market/cryptocurrency/what-happened-to-1-billion-cryptos-donated-to-india-as-covid-19-aid-11627459071249.html|url-status=live|access-date=2021-10-22|website=Livemint|archive-url=https://web.archive.org/web/20210728083112/https://www.livemint.com/market/cryptocurrency/what-happened-to-1-billion-cryptos-donated-to-india-as-covid-19-aid-11627459071249.html |archive-date=2021-07-28 }}</ref>


== References ==
== References ==

Latest revision as of 17:01, 4 July 2023

The COVID-Crypto Relief Fund (Crypto Relief) was announced on 24 April 2021 during the second wave of the COVID-19 pandemic in India.[1][2][3] India Crypto Relief Fund was founded by Sandeep Nailwal.[4]

About the fund[edit | edit source]

All the donations were held in crypto wallets under a special entity in UAE - IN COVID SUPPORT FZE LLC. All wallet details - including the amounts collected under each cryptocurrency - are available to view publicly. [5]

In August 2021, the fund signed a deal with UNICEF India to procure 160 million syringes.[6] By mid-October 2021, the fund had "disbursed $36.28 million out of the $429.59 million collected till now in 10 different cryptocurrencies".[6] Vitalik Buterin,[2] Bret Lee and Balaji Srinivasan are among the contributors.[7][8] Market volatility is also a challenge.[9]

References[edit | edit source]

  1. ↑ "Why A $1 Billion Donation To India Covid Relief Shocked Memecoin Traders". NDTV. Sophie Alexander and Tom Maloney, Bloomberg. 14 May 2021. Archived from the original on 2021-05-14. Retrieved 2021-05-16.{{cite web}}: CS1 maint: others (link)
  2. ↑ 2.0 2.1 Banerjee, Prasid (2021-05-13). "Crypto genius gives a billion dollars worth of joke coin for India covid relief". mint. Retrieved 2021-05-16.
  3. ↑ Mihindukulasuriya, Regina (2021-04-28). "India's 'Crypto Relief' Covid fund is all ready with nowhere to go". ThePrint. Retrieved 2021-05-16.
  4. ↑ "India Covid Crypto Relief Fund to donate $15 million to UNICEF". The Economic Times. Retrieved 2021-11-09.
  5. ↑ "Crypto relief for India's COVID-19 crisis pours in, even as it remains a legal grey area- Technology News, Firstpost". Tech2. 2021-05-11. Retrieved 2021-11-09.
  6. ↑ 6.0 6.1 Verma, Mimansa (14 October 2021). "The crypto community's efforts to plug India's syringe shortage have hit supply-chain hurdles". Quartz. Archived from the original on 2021-10-14. Retrieved 2021-10-22.
  7. ↑ "Crypto Relief Donations To India During Covid-19 Second Wave. What Was It?". NDTV. 16 August 2021. Archived from the original on 2021-08-16. Retrieved 2021-10-22.
  8. ↑ "Brett Lee donates bitcoin to Crypto Relief for India's fight against COVID-19". The Indian Express. PTI. 2021-04-28. Archived from the original on 2021-04-27. Retrieved 2021-10-22.{{cite web}}: CS1 maint: others (link)
  9. ↑ "What happened to $1 billion cryptos donated to India as Covid-19 aid". Livemint. Bloomberg. 2021-07-28. Archived from the original on 2021-07-28. Retrieved 2021-10-22.{{cite web}}: CS1 maint: others (link)

External links[edit | edit source]

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