Nailwal's Crypto Relief Campaign Supports Flood-Hit Nepal Communities
Indian-Origin Tech Entrepreneur Sandeep Nailwal has launched a crypto-based relief campaign to support Nepal's flood-hit communities. The initiative, powered by Polygon Labs' Open Money Stack and supported by Cross River Bank, allows people around the world to donate stablecoins through NepalRelief.org.
The funds donated in stablecoins will be converted into local currency before being transferred to the Government of Nepal's Prime Minister Disaster Relief Fund. This system utilizes blockchain technology to facilitate international donations and settle them quickly.
Nailwal, who was born in the Kumaon region of Uttarakhand, connected with the relief effort due to his ties with Nepal through shared culture, faith, food, trade, and family connections between communities in both regions. Despite cryptocurrency transactions being illegal in Nepal, organizers secured approval from the Nepali government for this initiative.
The campaign's use of stablecoins allows for faster cross-border donations while ensuring that final contributions reach the relief fund in local currency. Stablecoins are cryptocurrencies designed to maintain a relatively stable value by being linked to assets such as the U.S. dollar.