The co-founder of San Francisco-based technology company Ripple, Chris Larsen and his wife Lyna Lam donates $25 million worth of XRP to a San Francisco State University’s (SFSU) College of Business, as stated by an official announcement on April 5.
Reportedly, the donation was done through RippleWorks, a private foundation that provides practical support to promising social entrepreneurs. The funds are targetted at supporting students, who are studying global entrepreneurial and fintech ecosystems. As per SFSU, the XRP donation is the single largest contribution made in cryptocurrency to a university in the United States.
University President Leslie E.Wong stated in the announcement:
“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.”
Ripple for Good
The move is part of “Ripple for Good”, Ripple’s formal social impact program launched last September. Set to operate in collaboration with RippleWorks, the program pools $25 million from the firm together with $80 million in donations to invest in projects focused on education and financial inclusion.
Ripple has had made similar donations, last June, a University Blockchain Research Initiative was unveiled that consists of a $50 million donation to 17 universities globally to support education in blockchain and cryptocurrencies. Last year in March, Ripple donated $29 million XRP to support U.S. public schools in order to fulfill funding requests from teachers via DonorsChoose charity fund.
Notably, the money donated was set to equip more than 30,000 classrooms across all 50 states. Currently the third-largest altcoin in terms of market capitalization, XRP gained a solid 8.32 percent over the past 24 hours at press time and is currently trading at $0.361. Check out the Ripple Price Prediction here.
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