India-born tech entrepreneur and Polygon Labs co-founder Sandeep Nailwal has launched a stablecoin-based fundraising campaign to support people affected by floods in Nepal and contribute to the country’s Prime Minister Disaster Relief Fund.
The initiative allows donors worldwide to contribute stablecoins through NepalRelief.org. The digital assets are then converted into local currency before being transferred to the Nepal government’s disaster relief fund.
As of 9:30 a.m. Sunday (Nepal time), the campaign had raised $173,202, equivalent to about NPR 26.23 million, according to NepalRelief.org.
“Stablecoins work best when money has to move fast to people who need it,” Nailwal wrote on LinkedIn. He said the initiative uses blockchain infrastructure to enable international donations while ensuring that the Nepal government receives the funds in local currency.
Polygon, Coinme and Cross River Support Relief Campaign
The campaign is powered by Polygon Labs’ Open Money Stack alongside Coinme and Cross River, a New Jersey-based bank involved in digital financial services.
Cross River confirmed its participation in the initiative and encouraged people to donate stablecoins through NepalRelief.org.
“Our care and concern go out to everyone affected in Nepal, to the families still waiting for word, and to the rescue workers, volunteers, and neighbours reaching communities that are cut off,” the bank said in a LinkedIn post.
Stablecoins are cryptocurrencies designed to maintain a relatively steady value, typically by being pegged to assets such as the US dollar. Their ability to move across blockchain networks quickly has increased their use in payments, remittances and international transfers.
Nepal Government Approves Crypto Donation Initiative
Cryptocurrency transactions are generally prohibited in Nepal. However, the campaign organisers said they worked with the government to secure approval for the relief initiative.
Bal Krishna Joshi, founder of US-based fintech company Xuno, helped connect the campaign organisers with Nepali authorities.
“A heartfelt thanks to the Government of Nepal for approving Cross River and Polygon Labs’ crypto campaign to support the people of Nepal and contribute to the Government of Nepal’s Prime Minister’s Disaster Relief Fund,” Joshi wrote on LinkedIn.
He said the initiative uses blockchain technology to accept crypto donations from around the world while ultimately settling the contributions in local currency before sending them to the government fund.
Nailwal Cites Close India-Nepal Ties
Nailwal, who was born in the Kumaon region of Uttarakhand near Nepal, said the historical and cultural relationship between India and Nepal also motivated his involvement.
“No one’s pain matters more because of geography. But some tragedies just hit differently when they touch a place that’s part of your own story, and Nepal has always felt close to home for me,” he wrote.
He referred to the longstanding relationship between the two countries as ‘Roti-Beti ka rishta,’ describing ties built around family, culture, faith, food and trade.
Nailwal also recalled Indian Prime Minister Narendra Modi referring to Nepalese people as ‘brothers and sisters.’ “I want to do my small part to stand with them, and I hope you’ll join me,” Nailwal said while calling for contributions toward relief and rebuilding efforts.
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