Blockchain startup Ripple recently donated $ 29 million in private cryptocurrency XRP to support public schools in the US.
With this donation you will be performing more than 35,000 applications for funding from teachers through the charity DonorsChoose.
We’re so happy to give back to teachers like @kinder_roxs and all their students across the country! Help us build on this momentum up by donating to projects on @DonorsChoose and continue the #BestSchoolDay https://t.co/qY1z7rlZgc— Ripple (@Ripple) March 28, 2018
According to CNBC, DonorsChoose converts donations into US dollars within two weeks to avoid a negative impact on the cryptocurrency market and to comply with the conditions under which the Fund cannot sell the cryptocurrency directly.
The donated money will be used to equip more than 30,000 classrooms in all 50 States:
Approximately one million students will receive books, school supplies, go on trips, and will also receive funding for other needs through DonorsChoose.org.
According to the founder and CEO of DonorsChoose Charles best, who had sent a request for a donation to Ripple, this event was “the biggest donation in the history of cryptocurrency”.
According to Coinmarketcap token XRP, currently trading at 0.53 per U.S. dollar and is the third largest capitalization cryptocurrency (over 20 billion).
“Ripple” is not the first company that donates to a charity in the cryptocurrency. As we reported yesterday, the co-founder of Ethereum (ETH) acne Buterin together with OmiseGO donated 1 million U.S. dollars in tokens ERC20 African charity GiveDirectly company.
Earlier in February Buterin also donated Ethereum in the amount of 2.4 million pounds SENS Research Foundation, the charity that deals with research in the field of preventing aging.
In December the Fund Pineapple donated $ 1 million in bitcoins to the Internet archive.