- 30th March 2018
- Posted by: Lendo
- Category: Cryptocurrency
In the crypto world the figures are always super-sized and a lot of the talk is about profit and loss. So, it’s nice to bring you a feel-good story that shows the human side of the blockchain.
Ripple (XRP), which for those of you who don’t know is a blockchain-based payments system, has donated 29 million XRP, which is its own currency, to support U.S. public schools. This follows 35,000 funding requests from teachers sent via DonorsChoose charity fund, says ABC7 News that broadcasts in the Bay Area and Ripple is a San Francisco-based startup.
CNBC reported the bumper gift and said that DonorsChoose will convert the Ripple donation into US dollars over the course of the next two weeks. This is to mitigate some of the volatility in the cryptocurrency markets and get the best price for the XRP.
Here’s what the XRP will fund
Ripple’s press release announced that the donation would go to 30,000 classrooms across 50 states and supply “approximately one million students are receiving books, school supplies, technology, field trips, and other resources vital for learning through DonorsChoose.org.”
The charity’s CEO, Charles Best was naturally delighted by the contribution to the nation’s schoolchildren at a time when school budgets in the public sector are squeezed. It is the “largest donation of cryptocurrency” he told the press.
In the past, Ethereum’s Vitalek Buterin and payment network OmiseGo donated one million US dollars in ERC20 tokens to GiveDirectly, an African charity, as reported by Cointelegraph. Buterin has also given ETH valued at $2.4 million to SENS Research, which funds research into age-related diseases.
Ripple has been on Twitter asking for others to follow its example and support projects in public schools using the hashtag #BestSchoolDay.
Education is one of the areas where the blockchain may have a significant impact in the future, and it’s great to see blockchain-based businesses showing social awareness at this early stage in its development.