Ripple Donates $29 Million in XRP to Public Schools
Ripple is providing public schools with $29 million USD worth of XRP. The money will be used to fund thousands of individual teacher requests through charity platform DonorsChoose. Executives claim it is the largest cryptocurrency gift ever provided. Overall, nearly 30,000 public school teachers across all 50 states are expected to have their financial obligations attended to.
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Ask and Ye Shall Receive
CEO of DonorsChoose.org Charles Best – who has headed the organization for nearly two decades – said he approached Ripple’s CEO Brad Garlinghouse based on his past involvement with the organization. He later sent Garlinghouse an email fully detailing the requests of the teachers, and asked if those in charge could assist:
“I dared myself to send an email pitching an idea ten times bigger than I’ve ever pitched before. I was almost anxious that they would be offended by the ridiculousness of my asking. To my own shock, they said yes. It was mind-blowing that it would be the largest donation of cryptocurrency… In 18 years of doing DonorsChoose.org, we have, honestly, honestly never been this excited.”
Building Future Generations
Ripple posted on its website:
“Every Rippler, from the executive to our newest hires, started their careers in the classroom – the place where children’s dreams are forged and legacies begin. We are proud and thrilled to be working for such a campaign with DonorsChoose.org to nurture the upcoming generation of leaders at public schools across America.”
Cryptocurrency donations to charities have become more common in recent years as more organizations garner access to virtual funds. In 2017, $70 million in cryptocurrency was donated through Fidelity Charitable – nearly 10 times what was given the prior year.
In addition, an anonymously-run cache known as the Pineapple Fund has donated $20 million this year to organizations like the Open Medicine Foundation. UNICEF is also using a smart contract that allows users to mine ether and donate it to the organization.
Use that Ripple Fast!
Despite the breadth of Ripple’s offering, Best and his team are advised to use the funds quickly. Digital currencies – including bitcoin, ether and XRP – have experienced massive drops in value over the past 24 hours. The price of one XRP currently sits in the $0.50 range, and the volatility and consistent price fluctuations of digital assets can often make it difficult for charities to cash in on the full value of their donations.
President and CEO of the National Philanthropic Trust Eileen Hesiman states:
“It’s interesting how volatile cryptocurrency can be in 24 hours. One gift lost about 12 percent of its value in a 36-hour period. Our policy is to sell as quickly as we can.”
DonorsChoose.org says it plans to liquidate the XRP it receives and exchange it for fiat as soon as the donation is received.
Are we likely to see even bigger crypto-donations in the future? Post your comments below.
Images via Pixabay