Ripple, a cryptocurrency giant in real-time gross settlement system, currency exchange and remittance networking, has announced in an official blog that its giving away $29 million to support public American schools in all states.
Enabling Educators to Inspire the Next Generation
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,
-Read part of the blog.
The donation is in the form of XRP, Ripple’s scalable digital asset which allows for real-time global payments from anywhere in the world. It was made to DonorsChoose.org a US-based charitable organization that allows people to donate directly to public school classroom projects.
Ripple claims that the donation will allow more than 30,000 teachers from all over America and more than one million students to receive books, school supplies, technology, field trips and other resources crucial for learning.
The company says that it chose the DonorsChoose.org as its donation platform due to its principles on inclusion and accessibility to education. The company claims that the principles mirrors its own principles on inclusion and accessibility within the world economy.
The founder and CEO of DonorsChoose.org, Charles Best, told CNBC that he did not expect such a huge donation from Ripple. Best said he approached Ripple on the basis that its CEO Brad Garlinghouse had previously engaged with his foundation. He sent an email informing Garlinghouse how Ripple could have a positive impact on fulfilling teachers’ requests.
To my shock, he said yes, it was mind-blowing that it would be the largest donation of cryptocurrency,
-Best said in an interview with CNBC.
According Monica Long, Ripple’s senior Vice President in charge of marketing, the donation is the largest effort up-to-date by Ripple to formalize its social program. Long says that the public should expect more of projects on education from the company in the future.
DonorsChoose.org agreed to liquidate the XRP into US dollars over two weeks. Long claims that the decision to liquidate over the two weeks was reached to avoid affecting the market prices. The charity’s policy, which also applies to donated shares of a company, is to sell right away.
The huge donation by Ripple, though the largest, is not the first among the crypto community. In last December, when Bitcoin was at its peak of above $19,000, an anonymous donor invented an organization known as Pineapple Fund to donate about 5,000 Bitcoin to different charities. The philanthropist indicated that he would give away more than $86 million’s worth of Bitcoin to those who applied for help.
What’s your take on Ripple’s $29 million donation to American public schools? Is it a ploy to attract investors? Share your thoughts with us in the comments section.