The crypto payments network Ripple recently made a donation of $29 million of its native digital currency XRP to financially support US public schools, accomplishing over 35,000 financing requests from teachers by using DonorsChoose charity fund, according to ABC7.
“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,” posted Ripple on their Twitter.
CNBC reported that DonorsChoose will exchange the contributions into US dollars over the period of two weeks to elude the cryptocurrency market’s volatility, and to conform with the company’s policy of selling the donated tokens as soon as possible.
The donated funds will be used to supply with the necessary items over 30,000 classrooms across all 50 states; “approximately one million students are receiving books, school supplies, technology, field trips, and other resources vital for learning through DonorsChoose.org,” said Ripple on March 27th in a statement.
According to DonorsChoose CEO and founder Charles Best, who made the donation request to Ripple, this can be considered “the largest donation of cryptocurrency.”
Ripple’s XRP digital token, which at the moment trades at $0.50, is the third biggest cryptocurrency by market cap, which is over $20 billion at the time of writing, according to the numbers from Coinmarketcap.
Ripple is not the only company that donated cryptocurrency for charitable causes. Ethereum (ETH) creator Vitalik Buterin collaborated with decentralized payment platform OmiseGO to donate $1 million in ERC20 tokens to GiveDirectly, an African charity.
Recently in February, Buterin also made a donation of $2.4 million worth of ether to the SENS Research Foundation, a charity that backs up research for treating age-related ailments.
In December, Bitcoin Pineapple Fund gave away $1 million in Bitcoin (BTC) to the Internet Archive, and it intends to donate $86 million worth of Bitcoin in total to multiple non-profit organizations.