Ripple Co-Founder Donates $25M XRP To San Francisco University
In the latest cryptocurrency news, the co-founder of Ripple named Chris Larsen has made a huge step in the industry. This happened when he and his wife, Lyna Lam, decided to donate at least $25 million in XRP to a San Francisco university.
A ‘Groundbreaking Gift’
The couple, who are spearheading the San Fransisco-based tech firm, gave the said amount of XRP tokens to the College of Business at the San Francisco State University (SFSU). The donation was made possible through a private foundation called RippleWorks, which is all about providing practical support to all potential social entrepreneurs.
The university, according to the official report, is expected to direct the donation to support students who are studying entrepreneurial and fintech ecosystems in a global setup. The university added that the donation from RippleWorks is deemed to be the biggest in terms of single contribution made via digital currency to an educational institution (university level) in the U.S.
According to Leslie E. Wong, the SFSU president, the donation is a “groundbreaking gift,” one that will enable the College of Business to evolve and become distinctly diverse. Even more so, it will help the department in becoming the “epicenter” when it comes to all things business innovation and entrepreneurship.
Wong added that both Chris and Lyna – including Rippleworks – are among the world’s leading innovators. With their gift, they can significantly inspire students of the university to approach business and tech areas in a creative and strategic manner. And by doing so, there is no doubt that they will soon become successful entrepreneurs and global business leaders.
The ‘Ripple For Good’ Program
The move follows the tech company’s formal social impact program, which is called “Ripple for Good.” The latter, in particular, was unveiled to the public last September. It is basically a program specifically designed to operate in partnership with RippleWorks. Through the collaboration, they were successful in obtaining at least $25 million from the company alongside $80 million in donations. All of these are going to be invested in projects heavily focused on both education and financial inclusion.
It is worth noting that this is not the first time Ripple made similar donations. Back in June last year, the tech firm launched its University Blockchain Research Initiative, which features around $50 million in donation to at least 17 universities across the world.