Blockchain solutions provider Ripple has donated $29 million in XRP to a crowdfunding organization dedicated to the American public school system. At the present exchange rate, the donation equals just over 50 million XRP.
Ripple said the donation fulfilled thousands of requests from public school teachers on DonorsChoose.org, a non-profit organization that facilitates donations to classroom projects. Teachers at 16,561 public schools in America will receive books, school supplies, technology, field trips, and other resources vital for learning.
“Today marks the first time in 18 years where the total number of projects on our site reads ‘0.’” DonorsChoose said in a blog post. “Thanks to Ripple’s gift, over the next few weeks tens of thousands more boxes full of supplies will start arriving in classrooms across the country.”
Charles Best, founder and CEO of DonorsChoose.org, said he sent Ripple executives an email laying out the possible impact of fulfilling the teachers’ requests. “To my own shock, they said yes,” said Best. “It was mind-blowing that it would be the largest donation of cryptocurrency.”
Ripple said as a company, they’re focused on removing the friction from cross-border payments to promote more inclusion and accessibility within the global economy. DonorsChoose.org applies the same principles of inclusion and accessibility to education.
“At Ripple, we care about giving back to our community and we collectively value the importance of quality education in developing the next generation of leaders,” said Monica Long, SVP of Marketing at Ripple. “DonorsChoose.org’s track record speaks for itself — they are highly effective at improving the quality of education and the experience of teachers and students across America. We’re proud to work with them to support classroom needs across the country.”
DonorsChoose.org agreed to liquidate the cryptocurrency into US dollars over two weeks, according to Long, in the process trying to avoid affecting its market price. The charity’s policy, which also applies to donated shares of a company, is to sell right away.
Charitable donations made with cryptocurrency increased in 2017. During the year, $22 million in cryptocurrency was donated through Fidelity Charitable, ten times the equivalent figure in 2016.
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