Ripple announced on March 28 that it would make the $29 Million donation on crowdfunding and donation website donorschoose.org. It is the largest donation in cryptocurrency ever made.
The founder and CEO of DonorsChoose.org, Charles Best, told CNBC that he decided to approach Ripple because their CEO Brad Garlinghouse had already been involved in the organization. He contacted Ripple’s direction to explain to them how a donation would impact the lives of the teachers and children.
“To my own shock, they said yes. It was mind-blowing that it would be the largest donation of cryptocurrency.”
Monica Long, Ripple’s Vice-President of marketing told CNBC that this donation was the largest effort the company has made to develop a social good program. She added that we should expect more similar actions with a focus on education.
Long also said that DonorsChoose.com agreed with Ripple to exchange the cryptocurrency into U.S. Dollars over the span of two weeks to mitigate the effect it could have on the price of XRP tokens.
Although this is the largest donation made using cryptocurrency, Ripple is not the first to use digital currencies for philanthropic actions.