Ethereum founder launches his own fund using donated Shiba Inu tokens

The founder of Ethereum cryptocurrency Vitalik Buterin has announced the launch of his own foundation — Buterin used Shiba Inu (SHIB) tokens donated to him to finance a scholarship program.

Vitalik Buterin expressed his gratitude to the Shiba Inu community for helping him realize his dream of creating his own AI Existential Safety foundation. As it became known, last year Buterin received 50% of the total number of Shiba Inu tokens from anonymous project developers, who wanted to withdraw the cryptocurrency from circulation. The founder of Ethereum destroyed 90% of the tokens he received, according to him, he did not want to be a «center of power.» Buterin used the remaining tokens to fund the Existential Safety AI scholarship program and donate to the Indian COVID-19 relief fund.

Interestingly, Vitalik Buterin, having created the Ethereum ecosystem and the ETH token and donating cryptocurrency to charity, does not believe that digital assets can replace fiat money. «A scenario where cryptocurrencies dominate traditional money is unlikely. I don’t expect digital assets to take over the world,» Vitalik Buterin said in June.