Vitalik Buterin, the founder of the second-largest blockchain network in the world, will use $100 million in USDC to invest in different high-risk high-reward projects in the cryptocurrency market. This comes as the funds donated to the COVID-19 CryptoRelief fund would be returned to Buterin. The information has been shared by the fund’s founder Sandeep Nailwal.
According to Sandeep Nailwal, the founder of the CryptoRelief fund in India, they have been in discussions with Vitalik Buterin on how to accelerate relief efforts in India. According to Sandeep, they will be moving the $100 million USDC back that they received from Vitalik a year ago to accelerate the deployment of investments in high-risk high-reward projects.
Back in early 2021, Vitalik Buterin decided to donate $1 billion worth of Shiba Inu to CryptoRelief Fund in order to fight COVID-19 in India. The decision to donate these funds came after receiving these SHIB coins as a gift from the founders of the Shiba Inu (SHIB) project.
Now, Vitalik Buterin is receiving $100 million back in USDC in order to invest in different cryptocurrency projects. As per Sandeep, considering the fund’s foreign origins and laws on India, they have to be very cautious on how to manage the money (including the funds and projects they fund).
The official post on Twitter reads as follows:
“Have been in discussions with Vitalik Buterin on how to accelerate relief efforts in India. And we have come up with a solution, we will be moving $100 million USDC back to Vitalik, a non-Indian, to do fast deployment in high risk/reward projects.”
Sandeep explains that a non-Indian such as Vitalik can do so easily and in a more accelerated way. Buterin would be able to make faster decisions and deploy projects that have higher risk but also higher rewards. Most funds will be used for accelerated funding in Biotechnology and Medical science.
Meanwhile, CryptoRelief will continue to work with its reserves 302 million USDC to keep disbursing in areas of need in India.
USDC is one of the largest stablecoins in the market. According to data shared by Coingecko, USDC is the fifth largest cryptocurrency in the world with a market valuation of almost $50 billion. It is worth taking into consideration that the largest stablecoin is still Tether (USDT) that has a market valuation of $78.2 billion at the time of writing this post.