According to the founder of the India COVID-Crypto Relief, Sandeep Naival, the SHIB tokens donated by Vitalik Buterin turned out to be difficult to “cash out” and send to charity.
According to Sandeep Naiwal, at the moment the fund was able to sell tokens only for $ 20 million. In the near future, it is planned to pay another $ 20 million.
One of the reasons was Naival’s desire to make sure that all the money goes to the Indian charities that need it the most. He plans to hire an auditor to increase the transparency of the use of the money received.
The founder of the fund noted that although at the time of the donation, the received SHIB tokens were worth more than $ 1 billion, but since then the rate has decreased by 50%. He estimates SHIB’s current reserves at $ 400 million.
Another obstacle was local regulators – tokens must be sold and the received dollars converted into Indian rupees. And this is regulated by the local law on foreign contributions.
Despite all the delays, funds are gradually being distributed among food suppliers across the country. The money also went to an organization that is setting up small intensive care units in rural India.
Recall that in mid-May, Vitalik Buterin sold part of the SHIB, AKITA and ELON tokens for 15,719 ETH, sending the proceeds to charitable organizations. He also sent 500 ETH and 50.6 trillion SHIB to India COVID-Crypto Relief.
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