Joining crypto’s giveback community
Even in a global pandemic, the effects of disaster and tragedy are never distributed evenly. Economic status, infrastructure, and public responses all affect the scale of the damage caused.
With a large population and varying access to healthcare and protective equipment, the second wave of the pandemic has been truly devastating for India — perhaps more so than any other country.
For the last two weeks, India has reported over 350,000 daily infections and over 3,500 daily fatalities. Their healthcare system is overwhelmed, creating desperation for care, beds, and oxygen.
This has led to a need for international and charitable support to help India provide medical attention and oxygen to people in need. However, even the fastest responses take time. To mobilize individuals and private businesses, there has been a crypto-specific COVID-relief fund set up.
This fund uses the advantages of the speed and decentralization of the blockchain to gather multiple contributions, from anyone and put the money to use helping people in India suffering from the primary effects of the pandemic. It is a chance for any individual to take action against a humanitarian tragedy.
What is India’s COVID relief fund?
Sandeep Nailwal, the co-founder of Polygon, is the person spearheading the crypto drive for India.
On April 24th, he announced via Twitter that he had created a crypto Covid relief fund and called for the global cryptocurrency community to help.
Many of India’s most trusted and respected names in crypto have already joined and contributed to the fund. All donations received will be used to provide healthcare and essentials to those fighting Covid-19.
As this fund is essentially a privately-owned wallet, Nailwal assured donors of transparency. “I will take full responsibility for transparency, funds usage, and regulatory compliance,” To ensure this, he has given accessible details of the current crypto holdings, crypto to bank, and bank to grants.
The relief fund accepts donations in different kinds of cryptocurrencies including Ethereum, Ripple, Litecoin. Nailwal has shared addresses for anyone in the community to contribute.
It should be pointed out that this is not yet a registered charity and is a newly created fund. Therefore, this fund has not been through the same level of due diligence as a regular registered charity.
But, to help, people need to ask quickly. We are positive that all funds will be managed in a secure and responsible manner. We approached the fund directly to discuss a partnership and while this is not currently a possibility, there is no barrier to sending MUNCH contributions to this fund.
The fund is also already making progress regarding a regulatory audit to ensure full transparency and security.
How can MUNCH help?
As mentioned above, all donations sent by MUNCH will be used to provide healthcare and essentials to those fighting Covid-19. By April 30th, Nailwal announced that the money generated by the fund had transferred $999,900 to ACT Grants, which will provide oxygen for everyone with over 50,000 oxygen concentrators.
All money donated from MUNCH transactions will also be sent directly in ETH. As with the specifics of our contract, every transaction has this built-in so the fund would receive ETH that can be sold with no delay and no disruption to the MUNCH native token.
There would also be no need for this fund to manage our sell MUNCH donations cautiously. All MUNCH community donations are sent at the point of the transaction and in a way so they can start to have an effect as soon as they are received.
COVID in India is an acute crisis that needs a direct response, now. If you would like to make this cause your MUNCH charity for the month, you can cast your vote for them.