Blockchain For Impact earmarks $200M for healthcare startups and biomedical research

Philanthropic organisation Blockchain For Impact (BFI), founded by Polygon Co-founder Sandeep Nailwal, has earmarked $200 million for future initiatives focused on scaling healthcare startups and expanding biomedical research.

BFI, which transitioned from a 2021 initiative by Nailwal—Crypto Relief Fund—has crossed $90 million in allocated funding towards biomedical research, healthcare innovation, and climate resilience.

To disperse future investments, BFI has launched the BFI-BIOME Virtual Network Program, which is designed to create a virtual network for biomedical developments. The programme will look to invest in 46 startups, through initiatives, fellowships, and innovator support. The firm will also partner with over 15 medical colleges and aims to drive more than 50 research projects .

A recent report by The Giving Block, a crypto philanthropy nonprofit movement, notes the rapid growth of crypto philanthropy with over $1 billion donations recorded in 2024 driven by market growth, rising regulatory clarity, and growing crypto donations by non-profits.

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According to the report, more than 70% of top US-based charity organisations accept crypto donations. Drawing on this optimism, BFI will leverage blockchain technology to ensure funds are directed to driving outcomes in sectors such as medicine and climate action.

BFI had previously invested $6 million in social enterprise SELCO Foundation’s efforts to solarise over 25,000 healthcare facilities. It had also allocated $68 million in relief funding during the COVID-19 pandemic.

Its upcoming efforts include grant initiatives that connect medical colleges and engineering institutions to develop commercially viable healthcare products and a residency programme for Indian biomedical students providing access to European regulatory expertise.