Ripple which is a Blockchain based payment network has recently donated $29 million of cryptocurrency to support the US public schools. This amount of cryptocurrency will fulfill over 35,000 funding requests from the teachers with the help of DonorsChoose charity fund.
According to CNBC, DonorsChoose converted the donations to US dollars due to the volatility of the cryptocurrency market. The donation by Ripple is said to be the largest-ever cryptocurrency gift to a single charity. It is said to fulfill thousands of request from public school teachers. The donated money will help the schools to buy classroom materials for more than 28,000 public school teachers spread across 50 states. It is estimated that approximately 1 million students will be receiving books, school supplies, technology, field trips and other essential resources required for learning through DonorsChoose.org as said by Ripple on March 27, 2018.
The founder and CEO of DonorsChoose.org, Charles Best said that he had contacted Ripple CEO Brad Garlinghouse’s involvement with the foundation. He added by saying that he has sent an email about the possible impact of fulfilling the teacher’s requests. Best said that “to my shock, they said yes and it was mind-blowing that it would be the largest donation of cryptocurrency.”
Ripple is the official name of a San Francisco company which is developing the network for faster global financial payments. The company is currently trading at $0.53, and it is the third largest cryptocurrency in market capitalization. According to the data from Coinmarketcap it amounts to over $20 billion at press time. Ripple owns about 60 billion of the total 100 billion XRP made and it bring its market cap close to $34.8 billion on Wednesday.
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This effort by the company is said to be largest till now to formalize the social program which is said by Monica Long who is the senior vice president of marketing. She also said that they are expecting more and to focus on education.
According to Long, DonorsChoose.org agreed to convert the cryptocurrency into US dollars to avoid the effect of unstable market price. The company’s charity policy is also applied to donated shares which are to sell right away.
Ripple is not the only crypto community which uses digital currency for philanthropy as in December; bitcoin was all-time high above $19,000. An anonymous donor set up an organization named Pineapple Fund to give more than 5,000 bitcoin to various charities. The donor said that she would be giving about $86 million worth of bitcoin to the customers who have applied through the site.