Ripple Donates $29 Million to Public Schools

Suzat

March 29, 2018 12:21 pm

Ripple Donates $29 Million to Public Schools | Coindelite News
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Ripple attends to Public School teachers’ appeals through a charitable activity

Ripple announced on Wednesday that it had donated around $29 million of XRP to support U.S. public schools.

This donation is the largest-ever cryptocurrency reward to a single charity, fulfilling thousands of pleas from public school teachers on the funding site, Donorschoose.org. This donated amount will be used to purchase classroom materials for more than 28,000 teachers from public schools across 50 states, as mentioned in the company statement.

The founder and CEO of DonorsChoose.org, Charles Best, said that he requested Ripple because of the previous involvement of CEO Brad Garlinghouse with the foundation. A request mail was sent to the Ripple executives mentioning the teachers’ appeals.

“To my shock, they said yes,” said Best, who founded the charity 18 years ago. “It was mind-blowing that it would be the largest donation of cryptocurrency.”

Ripple owns around 60 billion of the 100 billion XRP ever made, bringing its market cap based Wednesdays prices and its holdings alone close to $34.8 billion.

Monica Long, senior vice president of marketing, says, that this is the most significant effort ever put in by the company to address a social program. However, she says that much more focus will be given to education from the fintech company.

Ripple has fallen by 70 percent this year. The top 10 digital currencies have also fallen so far according to market cap. Ripple’s XRP coin, traded near 58 cents as of 2:40 p.m. ET Wednesday, according to CoinMarketCap.

In the process of trying to avoid affecting Ripple’s market price, DonorsChoose.org agreed to convert the cryptocurrency into U.S. dollars over two weeks, according to Long. Ripple administrators are not the first in the crypto community to use digital currency for benevolence.

An anonymous donor set up a charity website called Pineapple in December as the price of Bitcoin was near its all-time high above $19,000, to give away more than 5,000 bitcoin to various charities. The donor said he or she would allocate $86 million worth of bitcoin to those who applied through the site.