Ethereum Creator Vitalik Buterin Says $100M Shiba Inu Helped Fight COVID-19

Ethereum ETH/USD co-founder Vitalik Buterin shared an update on how $100 million worth of Shiba Inu SHIB/USD was put to use in fighting COVID-19.

What Happened: In a tweet on Wednesday, Buterin introduced his newly founded charitable organization Balvi’s first round of funding recipients.

Update from Balvi! (moonshot anti-covid effort funded by @ShibainuCoin @CryptoRelief_ ). We have our first round of funding recipients:

— vitalik.eth (@VitalikButerin) May 5, 2022

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The RaDVaC project, an open-source COVID-19 vaccine R&D entity, received $2.5 million to further its research in self-administered vaccines.

Another recipient was the UVGI project which aims to reduce virus transmission in indoor settings. Buterin explained that the open-source project achieves this by building UV lamps that “zap viruses to death.”

Active Buildings, an Indian company dedicated to improving air quality, received funding to install air quality monitors in vulnerable indoor spaces.

Finally, Balvi donated $3 million to Patient-Led Research Collaborative to further the organization’s research into long COVID-19 symptoms.

Why It Matters: “The future of bio-defense is decentralized, open, collaborative, and actually doesn't require infringing on millions of people's livelihood and freedom. But it does require dedicated smart people to be supported in their hard work on making these tech solutions happen,” said Buterin.

Balvi was established in January after India’s CryptoRelief fund sent back $100 million SHIB tokens out of the $1 billion that was donated by Buterin in 2021.

The Ethereum creator said he had co-founded Balvi to direct these funds to high-risk/reward projects.

Price Action: According to data from Benzinga Pro, ETH was trading at $2,900, up 5.46% over 24 hours, while SHIB was trading at $0.00002173, up 4.76%.