Co-founder of San Francisco based technology company Ripple, Chris Larsen and his spouse Lyna Lam have donated $25 million in Ripple’s XRP. According to the official announcement on April 5, they made the donation to a university in California.
Larsen and Lam donated $25 million worth of XRP tokens to San Francisco State University’s [SFSU] College of Business with the help of RippleWorks, a private foundation that offers practical support to promising future social entrepreneurs.
According to the official announcement the San Francisco State University College of Business will utilize the funds to support candidates studying global entrepreneurial and fintech ecosystems. The university has stated that the donation is the largest single contribution made in cryptocurrency to a university in the United States.
President of the SFSU Leslie E. Wong said,
“This groundbreaking gift will position the College of Business as an evolving, distinctly diverse and industry-relevant epicenter of business innovation and entrepreneurship. Chris, Lyna and Rippleworks are innovators, and their gift will inspire our students to creatively and strategically approach the business and tech landscapes to become the next generation of entrepreneurs and global business leaders.”
The donation was as a part of the initiative by Ripple’s formal social impact program dubbed “Ripple for Good” which launched in September last year. The program was set to function in partnership with the RippleWorks. According to the reports, Ripple has plans to invest in projects focused on education and financial inclusion.
The Ripple has made similar donations previously. In June 2018 the firm announced their University Blockchain Research Initiative consisting of a $50 million donation to 17 universities across the world to support the educational institutions and courses in blockchain and cryptocurrencies.
Ripple has donated $29 million XRP to support U.S. public schools, delivering funding requests from professors through a DonorsChoose charity fund. The donated fund was utilized to furnish more than 30,000 classrooms across all 50 states.
Ripple’s XRP is currently trading as the third-largest altcoin in market capitalization according to CoinMarketFeed. Currently the coin is trading at $0.353. The cryptocurrency is up by approximately 17 percent in the last one week’s crypto rally.
The second ranked altcoin Ripple [XRP] is trading down by 3.4%, trading at $0.353 at the time of press.