Polygon Founder BFI fund to support 46 healthcare startups with $200M in blockchain grants
The fund has already donated $90 million
The Blockchain For Impact (BFI) fund, co-founded by Polygon's Sandeep Nailwal, will allocate an additional $200 million for healthcare philanthropy, supplementing its previous $90 million in donations.
According to a press release sent to crypto.news, BFI has already provided over $90 million in funding for healthcare innovations, biomedical research, and climate resilience.
Currently, BFI prioritizes funding startups in healthcare and biomedical research, as well as other efforts aimed at strengthening public health systems through blockchain-based philanthropy. Key initiatives include the Samarth Healthcare Innovation Program, the European Biomedical Exchange Program, and the expansion of BIOME, its proprietary virtual ecosystem.
The BFI-BIOME initiative is the organization's first program focused on advancing biomedical innovations through a growing virtual network. Over the next three years, BIOME aims to support over 46 startups through kickstarter initiatives, scholarships, and grants for innovators. Additionally, BFI will collaborate with more than 15 medical colleges to launch 50 research projects involving over 600 researchers.
Crypto philanthropy – a new era in charity
Polygon co-founder Sandeep Nailwal stated that the organization's mission is to build scalable and transparent blockchain-based systems that can further healthcare initiatives for future generations.
"By combining blockchain transparency with collaborative funding, we ensure that every dollar is accounted for and maximized for impact," Nailwal said.
Nailwal is well known for launching the India COVID Relief Fund, which raised donations from major crypto figures such as Ethereum co-founder Vitalik Buterin and former Coinbase CTO Balaji Srinivasan.
According to a recent Giving Block report on crypto philanthropy, over $1 billion was donated in crypto assets in 2024 alone. The report highlighted that the average crypto donation was $10,978, marking a 386% increase compared to the 2023 average.
As we wrote, the Polygon community is currently evaluating a groundbreaking proposal to deploy over $1 billion in dormant stablecoin reserves, including USDT, DAI, and USDC, held on the Polygon PoS bridge.
