Ripple, a cryptrocurrency startup seems to be taking its efforts further by giving back to the society. This was seen on Wednesday when it made a donation of $29 million to help support public school in the U.S.
Largest gift ever by Ripple Team
According to Ripple this is the largest ever gift in cryptocurrencies to be offered to a single charity. This was in response to multiple requests that have been made from public school teachers on DonorsChoose.org, a crowd funding site. These funds are expected to go into buying classroom materials that will benefits over 28,000 public school teachers all over the 50 states identified. This is according to the statement released by the company.
According to Charles Best, CEO and founder of DonorsChoose.org, his main drive for approaching Ripple was due to the previous engagement of CEO Brad Ripple with the foundation. As such, he made the request by mail with details on how the teachers were in dire need of the funding and the possible effects of meeting their requests.
“To my own shock, they said yes, it was mind-blowing that it would be the largest donation of cryptocurrency.”
Ripple or XRP?
Ripple is basically now the Official name for this company based in Fransisco and develops a network that enables faster global financial payments. On the other hand, XRP is the name given to the digital token used by financial institutions working through the network in making quick transactions.
Notably, there are 100 billion XRP ever made and Ripple happens to own 60 billion of these, and this brings its market cap based Wednesdays prices as well as its holdings close to $34.8 billion.
Based in this development, it can arguably be termed as the biggest effort thus far by the company in formalizing a social good program. This is according to a senior president of marketing, Monica Long.
XRP on the move
Currently, XRP is the third largest in terms of market cap and CoinMarketCap data showed that it traded near 58 cents by 2:40 p.m ET Wednesday. Notably, there has been a significant drop in prices for all the top ten cryptocurrencies. According to Long, DonorsChoose.org saw it fit to liquidate the cryptocurrency into US dollars in its bid to avoid causing a significant effect in its market price.
However, it would be noted that Ripple is the first crypto firm to do philanthropy using digital currency. In December, Bitcoin thrust itself in the same through an anonymous donor who created and organization dubbed Pineapple Fund and in the process donated more than 5,000 bitcoins to several charities.
What you think about the move by Ripple to get involved in philanthropy using cryptocurrency? Should other crypto firms follow suit? Let us know of your thoughts in the comments section below.