Sandeep Nailwal, co-founder of Polygon, has seen his initiative, Blockchain For Impact, secure over $90 million in funding aimed at healthcare innovation. The organization has also committed an additional $200 million for upcoming projects.
As per a recent announcement, Blockchain For Impact has dedicated more than $90 million to advancements in healthcare, biomedical research, and climate resilience. Additionally, they have pledged another $200 million for future endeavors.
Currently, BFI is focusing its funding efforts on healthcare startups, biomedical research, and other initiatives that aim to enhance the public health system through blockchain-based philanthropy. Key programs include the Samarth Medical Innovation Program, the European Biomedical Exchange Program, and BFI’s own BIOME Virtual Network Expansion.
The BFI-BIOME Virtual Network Program serves as the organization’s inaugural initiative, designed to promote biomedical innovation via a growing virtual network. Over the next three years, BIOME will support more than 46 startups through various kick-starter initiatives, fellowships, and additional support for innovators. Furthermore, it aims to collaborate with over 15 medical colleges to facilitate 50 research projects involving more than 600 researchers.
As the founder of BFI and co-founder of Polygon, Nailwal emphasizes that the organization’s goal is to establish scalable and transparent on-chain systems that will further healthcare advancements for future generations.
“By merging the transparency of blockchain with collaborative funding, we are ensuring that every dollar is properly accounted for and effectively utilized for maximum impact,” Nailwal stated.
Nailwal gained recognition for initiating a COVID Relief Fund for India, which attracted contributions from prominent figures in the crypto community, including Vitalik Buterin, co-founder of Ethereum, and former Coinbase CTO Balaji Srinivasan.
A recent report from The Giving Block regarding crypto philanthropy highlights that over $1 billion in cryptocurrency has been donated to charitable causes in 2024 alone. The report also observed that the average crypto contribution amounted to $10,978, marking a significant increase of over 386% compared to the previous year.
In a recent collaboration, Fasset, a UAE-based crypto firm, teamed up with Kitabisa’s Islamic donation platform in Indonesia to facilitate religious donations processed through cryptocurrency, specifically in USDT.