Polygon co-founder, Sandeep Nailwail’s donation fund, Blockchain For Impact, has surpassed $90 million in funding for healthcare innovation. BFI also pledged another $200 million for future initiatives.
According to a press release sent to crypto.news, Blockchain For Impact has allocated more than $90 million in funding for innovations in the healthcare sector, biomedical research as well as climate resistance. Not only that, the organization has also pledged an additional $200 million for future initiatives.
At the moment, BFI is prioritizing funding for healthcare startups, biomedical research and other efforts that strive to strengthen the public health system through blockchain philanthropy. These initiatives include the Samarth Medical Innovation Program, the European Biomedical Exchange Program and BFI’s own BIOME Virtual Network Expansion.
BFI-BIOME Virtual Network Program is the organization’s first program, aimed at advancing biomedical innovation through a growing virtual network. In the next three years, BIOME will be supporting more than 46 startup firms through kick-starter initiatives, fellowships and innovator support. In addition, it will also partner with more than 15 medical colleges to drive 50 research projects involving over 600 researchers.
Founder of BFI and Polygon (MATIC) co-founder, Sandeep Nailwal, said that the organization’s mission is to create scalable and transparent on-chain systems that can further advance healthcare initiatives for future generations.
“By combining blockchain’s transparency with collaborative funding, we’re ensuring that every dollar is accounted for and maximized for impact,” said Nailwal.
The Polygon co-founder is known for launching a COVID Relief Fund for India, which garnered donations from major crypto figures like Ethereum (ETH) co-founder Vitalik Buterin and former CTO of Coinbase (BASE) Balaji Srinivasan.
According to a recent report from The Giving Block on crypto philanthropy, more than $1 billion in crypto assets have been donated to charities in 2024 alone. The report noted that the average crypto donation was $10,978, increasing over 386% compared to the average amount in 2023.
Most recently, UAE-based crypto firm Fasset collaborated with Indonesian charity platform Kitabisa’s Islamic donation partner to facilitate religious donations paid through cryptocurrency, specifically in USDT (USDT).