Polygon co-founder Sandeep Nailwal initiates crypto-to-fiat Nepal relief

The campaign utilizes Polygon’s Open Money Stack to facilitate the collection of USDC on Ethereum and Polygon networks. Because the Nepalese government does not maintain official cryptocurrency wallets, the initiative relies on Engage Nepal—a U.S.-based nonprofit led by former Ambassador Scott DeLisi—to convert crypto holdings into rupees. These funds are then channeled through regulated institutions, including New Jersey-based Cross River Bank and payment infrastructure provider Coinme, to ensure they reach the state-managed relief fund.

This structure addresses the volatility concerns inherent in digital assets by opting for dollar-pegged stablecoins. While blockchain ledgers provide transparency for the initial donation phase, the process relies on conventional banking for the final transfer. This dual-layered approach arrives as Nepal struggles to recover from late August floods that claimed over 750 lives and displaced thousands, leaving many communities without access to clean water or emergency services. Nailwal, who previously spearheaded large-scale relief efforts during India's COVID-19 crisis, noted a personal connection to the region, citing his family roots in the neighboring Indian state of Uttarakhand.