Co-founder of Polygon gifts $90m+ to healthcare via BFI

Blockchain For Impact (BFI), a donation fund established by Polygon's co-founder Sandeep Nailwal, has successfully raised over $90 million for healthcare innovation. The organization has also committed an additional $200 million for upcoming projects.

As per a press release received by crypto.news, BFI has provided over $90 million in funding for healthcare sector innovations, biomedical research, and climate resilience. Moreover, an additional $200 million has been pledged for future initiatives.

Presently, BFI is prioritizing funding for healthcare startups, biomedical research, and other efforts that aim to fortify the public health system through blockchain philanthropy. These initiatives encompass the Samarth Medical Innovation Program, the European Biomedical Exchange Program, and BFI's own BIOME Virtual Network Expansion.

The BFI-BIOME Virtual Network Program is the organization's inaugural program, which seeks to foster biomedical innovation through a burgeoning virtual network. Within the next three years, BIOME will be supporting more than 46 startup firms through initiatives such as kick-starters, fellowships, and innovator support. Furthermore, it will collaborate with over 15 medical colleges to drive 50 research projects involving over 600 researchers.

Sandeep Nailwal, the founder of BFI and co-founder of Polygon (MATIC), stated that the organization's objective is to develop scalable and transparent on-chain systems that can further promote healthcare initiatives for future generations.

"By merging blockchain's transparency with collaborative funding, we're ensuring that every dollar is accounted for and maximized for impact," said Nailwal.

Nailwal is renowned for launching a COVID Relief Fund for India, which received donations from prominent crypto figures such as 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, over $1 billion in crypto assets have been donated to charities in 2024 alone. The report highlighted that the average crypto donation was $10,978, increasing by over 386% compared to the average amount in 2023.

Recently, UAE-based crypto firm Fasset collaborated with Kitabisa's Islamic donation partner, an Indonesian charity platform, to facilitate religious donations paid through cryptocurrency, specifically in USDT (USDT).