Cryptocurrency startup Ripple donated $ 29 million of its own XRP cryptocurrency to support public schools through charity platform DonorsChoose.
Blockchain-based payments network Ripple recently donated $ 29 million of its own XRP cryptocurrency to support U.S. public schools, fulfilling more than 35,000 requests for teacher funding through the DonorsChoose charity fund, as reported by ABC7 March 28.
According to CNBC, DonorsChoose will convert donations into U.S. dollars over the course of two weeks to avoid cryptocurrency market volatility and comply with the company’s policy of selling the donated currency immediately.
The donated money will be used to equip more than 30,000 classrooms in all 50 states; “approximately one million students are receiving books, school supplies, technology, field trips and other vital resources for learning through DonorsChoose.org” Ripple said in a public statement March 27.
According to DonorsChoose founder and CEO Charles Best, who sent a donation request to Ripple, the move would be ” the largest cryptocurrency donation.”
San Francisco-based Ripple’s altcoin XRP token, currently trading at $ 0.53, is the third-largest cryptocurrency by market capitalization, amounting to more than.20 billion at the time of publication, according to data from Coinmarketcap.
Ripple is not the first company to donate cryptocurrencies to charity. As Cointelegraph previously reported, Ethereum (ETH) co-founder Vitalik Buterin partnered with decentralized payment network OmiseGO to donate $ 1 million in tok20 tokens to African charity GiveDirectly.
In early February, Buterin also donated ET 2.4 million of Ethereum to the SENS Research Foundation, a charity funding research for the treatment of age-related diseases.
In December, Bitcoin-exclusive Pineapple Fund donated $ 1 million in Bitcoin (BTC) to the Internet Archive. Pineapple Fund aims to give away Bitcoin 86 million of Bitcoin in total to various nonprofits.