Nepal Relief Fund Finds New Route Through US-Based Crypto Channel

Crypto donations to Nepal's disaster relief fund have found a new route through a US-based financial channel, allowing donors worldwide to convert their cryptocurrencies into dollars before sending the funds to Nepal. This arrangement was made possible by Cross River Bank and Polygon, which partnered with Engage Nepal to create a portal called NepalRelief.org.

The portal accepts donations in widely used cryptocurrencies like Ethereum, Polygon, and Solana, with over $174,831 collected so far. The funds are then converted into USDC, a dollar-pegged stablecoin, before being sent to the government's relief fund through the SWIFT banking network.

According to Pravesh Rijal, executive vice-president at Cross River Bank, 'The entire process is settled in the United States, where the collected crypto is converted into dollars and sent to Nepal through the regulated banking system.'