{"id":319605,"date":"2018-03-29T23:00:21","date_gmt":"2018-03-29T23:00:21","guid":{"rendered":"https:\/\/wncen.com\/?p=319605"},"modified":"2018-03-30T02:22:18","modified_gmt":"2018-03-30T02:22:18","slug":"ripple-donates-29-million-xrp-donorschoose-org-supporting-u-s-public-schools","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple-donates-29-million-xrp-donorschoose-org-supporting-u-s-public-schools\/","title":{"rendered":"Ripple Donates $29 Million in XRP to DonorsChoose.Org, Supporting U.S. Public Schools"},"content":{"rendered":"

DonorsChoose.org announced<\/span><\/a> yesterday that San Francisco-based\u00a0<\/span>Ripple<\/a>\u00a0<\/span>have donated\u00a0$29 million, funding every single classroom project request on the nonprofit’s website. The donation \u2014 which is largest cryptocurrency donation ever \u2014 fulfilled 35,647 requests from 28,210 public school teachers in every state. In all, 16,561 public schools \u2014 or\u00a0 1 in 6 of all the public schools in America \u2014 will receive much needed resources, from \u201ccolored pencils and books, to butterfly cocoons and robotics kits,\u201d\u00a0vital for learning.<\/span><\/p>\n

Charles Best, Founder and CEO of DonorsChoose.org, said he approached Ripple based on CEO Brad Garlinghouse’s previous involvement with the foundation. Garlinghouse\u00a0has been a supporter of the nonprofit for years thanks to the involvement of his sister, Meg Garlinghouse, who has worked with the charity from the start when it was operating out of Best\u2019s classroom in the Bronx, New York. Best sent Ripple executives an email laying out the possible impact of fulfilling the teachers’ requests:<\/span><\/p>\n

\n

“To my own shock, they said yes,” said Best, who founded the charity 18 years ago. “It was mind-blowing that it would be the largest donation of cryptocurrency.”<\/span><\/p>\n<\/blockquote>\n

Ripple<\/span><\/h2>\n

Ripple is a startup developing a network for faster global financial payments; XRP is the name of the digital token that financial institutions on the network can use to transact quickly. This is the biggest effort so far by the company to formalize a social good program, according to Monica Long, Senior Vice President of Marketing.\u00a0And Ripple isn\u2019t finished: Long said to expect more education-focused philanthropy in the future from the fintech company.<\/span><\/p>\n

\n

“At Ripple, we care about giving back to our community and we collectively value the importance of quality education in developing the next generation of leaders,” said\u00a0Long. “DonorsChoose.org’s track record speaks for itself \u2014 they are highly effective at improving the quality of education and the experience of teachers and students across America. We’re proud to work with them to support classroom needs across the country.”<\/span><\/p>\n<\/blockquote>\n

DonorsChoose.org agreed to liquidate the cryptocurrency into U.S. dollars over a two week period, according to Long, in attempts to avoid affecting its market price. Under normal circumstances the charity’s policy, which also applies to donated shares of a company, is to sell right away.<\/span><\/p>\n

Ripple executives are not the first in the crypto community to use digital currency for philanthropy \u2014 just today it was announced<\/span><\/a> that startup OmiseGo, in collaboration with Ethereum co-founder, Vitalik Buterin, donated $1 million in cryptocurrency to an East Africa-based charity called GiveDirectly.<\/span><\/p>\n

\n

“We are awestruck by the generosity of the Ripple team. Their gift will provide learning materials and experiences to more than a million students, overwhelmingly in low-income communities,” said\u00a0Best. “I doubt that there has ever been a day when more classroom dreams came true.”<\/span><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

DonorsChoose.org announced yesterday that San Francisco-based\u00a0Ripple\u00a0have donated\u00a0$29 million, funding every single classroom project request on the nonprofit’s website. The donation \u2014 which is largest cryptocurrency donation ever \u2014 fulfilled 35,647 requests from 28,210 public school teachers in every state. In all, 16,561 public schools \u2014 or\u00a0 1 in 6 of all the public schools in America \u2014 will receive much needed resources, from \u201ccolored pencils and books, to butterfly cocoons and robotics kits,\u201d\u00a0vital for learning. Charles Best, Founder and CEO of DonorsChoose.org, said he approached Ripple based on CEO Brad Garlinghouse’s previous involvement with the foundation. Garlinghouse\u00a0has been a supporter of the nonprofit for years thanks to the involvement of his sister, Meg Garlinghouse, who has worked with the charity from the start when it was operating out of Best\u2019s classroom in the Bronx, New York. Best sent Ripple executives an email laying out the possible impact of fulfilling the teachers’ requests: “To my own shock, they said yes,” said Best, who founded the charity 18 years ago. “It was mind-blowing that it would be the largest donation of cryptocurrency.” Ripple Ripple is a startup developing a network for faster global financial payments; XRP is the name of the digital token that financial institutions on the network can use to transact quickly. This is the biggest effort so far by the company to formalize a social good program, according to Monica Long, Senior Vice President of Marketing.\u00a0And Ripple isn\u2019t finished: Long said to expect more education-focused philanthropy in the future from the fintech company. “At Ripple, we care about giving back to our community and we collectively value the importance of quality education in developing the next generation of leaders,” said\u00a0Long. “DonorsChoose.org’s track record speaks for itself \u2014 they are highly effective at improving the quality of education and the experience of teachers and students across America. We’re proud to work with them to support classroom needs across the country.” DonorsChoose.org agreed to liquidate the cryptocurrency into U.S. dollars over a two week period, according to Long, in attempts to avoid affecting its market price. Under normal circumstances the charity’s policy, which also applies to donated shares of a company, is to sell right away. Ripple executives are not the first in the crypto community to use digital currency for philanthropy \u2014 just today it was announced that startup OmiseGo, in collaboration with Ethereum co-founder, Vitalik Buterin, donated $1 million in cryptocurrency to an East Africa-based charity called GiveDirectly. “We are awestruck by the generosity of the Ripple team. Their gift will provide learning materials and experiences to more than a million students, overwhelmingly in low-income communities,” said\u00a0Best. “I doubt that there has ever been a day when more classroom dreams came true.”<\/p>\n","protected":false},"author":516,"featured_media":319620,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1284,13581,1558,1825,13579,13578,13580,3680,4531],"class_list":["post-319605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-charity","tag-charles-best","tag-cryptocurrency","tag-donation","tag-donorschoose-org","tag-monica-long","tag-philanthropy","tag-ripple","tag-xrp"],"acf":[],"yoast_head":"\nRipple Donates $29 Million in XRP to DonorsChoose.Org, Supporting U.S. Public Schools<\/title>\n<meta name=\"description\" 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