High profile cryptocurrency project Ripple has announced a $29 million donation of its own digital currency XRP to support public schools across the United States. This donation, which is the largest-ever cryptocurrency gift to a single charity, fulfilled all 35,000 teacher requests on the crowdfunding site DonorsChoose.org.
The donation came after Charles Best, founder and CEO of DonorsChoose.org, approached the Ripple executive team, detailing the scope of the impact a potential donation could have on the U.S. public schools. To his surprise, the Ripple team agreed and bought out every outstanding project request on the platform. DonorsChoose.org stated that they plan on liquidating the cryptocurrency into U.S. dollars over two weeks.
This news made ripples across the mainstream news and was even covered on The Late Show with Stephen Colbert, a talk show with over 3 million nightly viewers. This marks one of the most significant positive PR events in cryptocurrency history and is a welcomed change of pace from the trend of negative press.
Ripple’s XRP, the third-largest digital currency by market cap, is down nearly 85% in three months but continues to be widely adopted by a number of financial institutions, even though the utility of their system is questioned by many.