Ripple donates $29 million to public schools
By Bob Garcia
Following a petition on DonorsChoose.org that received thousands of requests, Ripple listened. The cryptocurrency company has donated $29 million of its digital currency to US public schools, which will be spread across the schools to purchase classroom materials. In total, 28,000 teachers will benefit from the donation.
According to Ripple, the eight-figure donation is the largest cryptocurrency donation ever given to a single cause. The relatively young company was contacted by the CEO of DonorsChoose.org, Charles Best, and asked to fulfill the teachers’ request. Says Best, "To my own shock, they said yes. It was mind-blowing that it would be the largest donation of cryptocurrency."
Best launched DonorsChoose.org 18 years ago. The former history teacher created the site as a means for teachers to request public assistance for an array of material, such as art supplies, books or other educational material. The site will liquidate the crypto into fiat over the course of two weeks, in an effort to not flood Ripple’s market, which would deflate the value.
Ripple is the third-largest cryptocurrency by market capitalization. It is currently trading around $0.53, suffering the same declines as seen by all major digital currencies. The company owns about 60 billion of the 100 billion coins produced, giving it a value of around $34 million.