Ripple Donates $29 million worth of XRP to U.S Public Schools
San Francisco based company, Ripple, has recently donated $29 million worth of their native currency “XRP” to more than 28,000 schools across 50 states seeking funding on DonorsChoose.org, a website where teachers post projects where they request funding for school supplies such as books, pencils, art material and even furniture. The third largest cryptocurrency by market cap has now set the record for the largest donation to a single charity ever made by a cryptocurrency (50 billion XRP, approximately) and the largest donation ever made to DonorsChoose.org, effectively funding every project in need of funding on the website at the time. The sheer size of this donation forced the website to shut down, although new donation requests for projects are being listed again at a fast pace.
Ripple posted the following announcement on their website yesterday along with the following message:
“Every Rippler, from the executive team to our newest hires, started their careers in one place — the classroom. It’s in this pivotal setting that children’s dreams are forged and legacies begin…In part, it’s the teachers we encounter in our formative years that enable us to pursue ambitious goals like this…We’re thrilled to announce that Ripple and its executive team are giving back to America’s teachers with a $29 million dollar donation in XRP to DonorsChoose.org.”
This act of generosity brings good publicity to the cryptocurrency market and it was even featured in “The Late Show” with Stephen Colbert, who covered the donation on national television. This was a great move by Ripple as it raises awareness of cryptocurrencies to the masses and could entice more people to become invested in the market.
XRP is currently valued at $0.58 despite having reached an all-time high earlier this year of $3.65. Ripple has been criticized in the past for holding approximately 62 percent of XRP’s total supply within the company, thus being labeled as centralized. As a response to this criticism, Ripple has mobilized 55 billion XRP into an escrow, effectively allowing 1 billion XRP tokens to be sold every year.