Top Analytic Firm Reveals Shiba Inu Role in Indian-based Humanitarian Efforts
Shiba Inu takes center stage as Crypto Relief India focuses on research and medical infrastructure, supported by Vitalik’s donations.
The Shiba Inu (SHIB) project has continued to lead the fore of philanthropic efforts within the crypto community as Crypto Relief India, a COVID-19 fund, announces a shift in focus towards research and medical infrastructure development.
Following Crypto Relief India’s update, Arkham Intelligence, a reputable blockchain analytics platform, took to Twitter to reveal how the Shiba Inu had been instrumental in the humanitarian endeavors facilitated by the Indian fund.
Crypto Relief India was the COVID fund that received $1.5B in SHIB from Vitalik Buterin.
In 2021, they raised over $460M from selling off the SHIB to Wintermute.
Last night, they sent $90M to a Multisig owned by Vitalik’s team to fund medical research. https://t.co/NT8UbcR8Zy pic.twitter.com/CNn17xgbFh
— Arkham (@ArkhamIntel) June 9, 2023
The journey of Crypto Relief India’s SHIB holdings began in 2021 when it raised $460 million by selling a portion of its SHIB allocation to Wintermute, a prominent liquidity provider.
The traded SHIB was part of a substantial donation of $1.5 billion worth of SHIB, which the Indian COVID relief received from Ethereum co-founder Vitalik Buterin.
Crypto Relief India Has More Shiba Inu Portfolio
Recent developments reveal that the organization sent $90 million to a Multisig owned by Buterin’s team to fund medical research. With Buterin’s additional donation of $20 million worth of Shiba Inu in April 2023, the Indian-based fund now holds over $200 million, primarily in USDC.
In a recent tweet, Crypto Relief India shared its updated vision, highlighting its transition from emergency relief work to prioritizing research and medical infrastructure. It has also provided a $90 million grant to support ongoing projects and promising new proposals.
As per the discussions with @sandeepnailwal and @vitalikbuterin We have decided to provide an additional $90M grant to Vitalik and team to take those projects as well as promising new proposals, to completion. 3/n
— Crypto Relief 🇮🇳 (@CryptoRelief_) June 8, 2023
Ultimately, Shiba Inu’s involvement in these philanthropic efforts showcases the project’s commitment to making a positive impact on a global scale. As reported by The Crypto Basic, Shiba Inu’s lead developer recently lauded Buterin for donating an additional $100 million to medical research.
The lead developer’s positive reaction to Buterin’s contribution underscores the unity within the crypto community and the shared commitment to leveraging resources and expertise to address global challenges.