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13-05-2021 | Asia

The Ethereum founder Vitalik Buterin, has pledged a $1 billion donation to aid India in its fight against the deadly COVID Wave.

Vitalik Buterin, the Russia-based co-founder of the world's second largest cryptocurrency Ethereum, has donated 500 coins and over 50 trillion SHIB meme coin worth approximately $1.14B to the India Covid-Crypto Relief Fund.

In a late-night tweet, Sandeep Nailwal, the man behind the India Covid-Crypto Relief Fund, stated that they will not "do anything that hurts any community, especially the retail community involved with $SHIB."

"Don't worry $SHIB holders," he said as the meme coin transaction caused some investors to panic.

Following the donation, the SHIB meme coin dropped by more than 35%.

According to TechCrunch, the meme coin has attracted billions of dollars in investment in recent days.

The India Crypto Relief Fund, which keeps track of all donations, has received donations from a range of entrepreneurs, including Balaji Srinivasan, according to the report.

Buterin is a Russian-Canadian programmer and author who is best known for being one of the co-founders of Ethereum.

1 Ethereum(ETH) is currently priced at 2.88 lakh rupees.

Buterin was an early adopter of cryptocurrency, co-founding Bitcoin Magazine in 2011.

In 2012, he travelled to other countries to meet developers who shared his coding passion. Later, he returned to Toronto and proposed Ethereum in a white paper.

He dropped out of university in 2014 after receiving a $100,000 grant from the Thiel Fellowship, a scholarship established by venture capitalist Peter Thiel, and went to work full-time on Ethereum.

Buterin launched Ethereum(ETH) in 2014.

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