Sunday, November 27, 2022

Vitalik Buterin, OmiseGo, Ripple Gettin’ Philanthropic with New Donations

Vitalik Buterin, OmiseGo, Ripple Gettin’ Philanthropic with New Donations

Charitable donations galore in the cryptoverse as of late, it seems. The latest examples of that exemplary dynamic come from OmiseGo and Vitalik Buterin, who just gifted $1 million to the non-profit GiveDirectly, and Ripple, who gave $29 million to classroom funding initiative DonorsChoose. 

Also see: Coinbase ERC20 Support Coming: What Tokens Have a Shot?

Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates:

Drop Crypto, Not Bombs

In a co-authored article called “Stateless payments for stateless people,” the leaders of OmiseGo, direct donations non-profit GiveDirectly, and Ethereum co-creator Vitalik Buterin announced a $1 million USD equivalent donation of OMG tokens to GiveDirectly’s refugee assistance efforts.

In the piece, OmiseGo and GiveDirectly are described as having parallel goals: to “disintermediate” the current financial system. The former does so through the blockchain; the latter does so direct donations to the world’s poorest denizens.

Per the authors, the initiative strives to allow unbanked refugees to “plug … back in” to the financial world:

“We have some good news to share: OmiseGO, with an additional generous contribution from Ethereum founder Vitalik Buterin, is donating the equivalent of $1 million USD in OMG tokens directly to refugees living in extreme poverty, and GiveDirectly will deliver those funds.

[…] Many refugees arrive in host countries with their skills intact but with no capital to start rebuilding their lives. Many also find it difficult to re-enter the formal financial system as they lack appropriate local documentation. They are precisely the people we wish to see benefiting from the ‘unbanking’ effect that OMG is designed to create. We’re excited to plug them back in, transfer funds, and let them get to work.”

Accordingly, Buterin announced his excitement with the move on Twitter:

Just like USD, then, crypto can be used for good or bad. And thought leaders in the space are showing that the good can certainly outweigh the bad.

Ripple Wows with $29 Million to DonorsChoose

In the United States, it’s no secret that schools are underfunded in general. Too many teachers have to solicit donations for supplies just to keep their classroom activities going.

That unfortunate reality gave life to DonorsChoose, an organization that facilitates direct donations to thousands of teachers’ projects across the nation.

Now? Ripple has just donated a whopping $29 million to the group, which paid for all 35,000 of the projects that were listed on DonorsChoose at that time.

The move caught the attention of The Late Show host Stephen Colbert, who gave Ripple a shoutout on his program:

A great deed for a good cause. Let’s hope such philanthropy becomes par for the course in the ecosystem in the years ahead.

What’s your take? Do you think the cryptocurrency space is a force for good, or is it more complicated than that? Sound off in the comments below. 

Images via Google for Education, givingwhatwecan

Bitsonline Email Newsletter