Ethereum founder donates $1 billion to help Covid-hit India
Vitaly Dmitriyevich "Vitalik" Buterin is a Russian-Canadian programmer and writer who is best known as one of the co-founders of Ethereum. Buterin became involved with cryptocurrency early in its inception, co-founding Bitcoin Magazine in 2011. In 2014, Buterin launched Ethereum with Gavin Wood.
Vitalik Buterin donated 1 billion worth of cryptocurrencies (Rs. 6,000 crore) to India's Corona.
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Buterin, 26, is the founder of Ethereum, the world's second-largest cryptocurrency.
Buterin donated the grant to the India Covid Crypto Relief Fund, owned by Indian cryptocurrency entrepreneur Sandeep Nilewal. So far, many have claimed that this is the largest grant ever received in India.
Buterin has donated 500 Ether coins and over 50 trillion Shiba Inu coins, both of which are cryptocurrencies built on the Ethereum network.
Buterin's net worth was a whopping $21 billion when the price of Ether topped $3,000 a few days ago, Celebritynetworth.com reported.
A Russian-Canadian programmer Buterin is best known for presenting the Ethereum Blockchain Project in 2015. Prior to that, he received a 1 million scholarship to the Thiel Fellowship in 2014 for merit. By investing that money, he created the second largest cryptocurrency blockchain in the world. He is also the co-founder of Bitcoin Magazine.
Buterin has been known as a gifted student since childhood. Special classes were arranged in the school for him to excel in mathematics, science and economics. You can learn about bitcoin from your father in just 16 years. From then on, Bitcoin gradually became his meditation. His current assets are valued at more than 21 billion, according to multiple portals.
Shiba Inu is named after the Japanese hunting dog breed. It is positioned as an alternative cryptocurrency and uses the image of Shiba Inu as its logo. Launched less than a year ago, it is one of the fastest growing crytocurrencies. Russian-born Buterin learnt about bitcoin from his father Dmitry Buterin, who owns a software firm Wild Apricot, when he was 17 years. He co-founded the Bitcoin Magazine in 2011. He dropped out of University of Waterloo after doing a year of computer science and won the Thiel Fellowship that gives $100,000 to young people who want to build new things instead of sitting in a classroom.
Buterin got much of his SHIB as a gift from the anonymous creators of the currency. At the time it constituted half of all the SHIB in existence. “Roughly 505 billion coins. A month later, those 505 billion SHIB were worth $8 billion. On May 10, those 505 billion SHIB were worth $14 billion, giving Buterin a net worth of $16.3 billion when combined with his other holdings,” Celebritynetworth.com said. A day later, the same publication valued his net worth at $21 billion. That's the kind of volatility newer cryptocurrencies in particular are seeing.
Nainwal said the (donations) funds are not brought in the form of cryptocurrency inside India. The UAE entity - Crypto Relief India - which was established two weeks ago, converts the donation via international cryptocurrency exchange Binance to a non-cryptocurrency. After conversion, those funds are deposited to banks which make deposits to Foreign Contribution Regulation Act approved NGOs in India.
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