A $29 Million Cryptocurrency Donation Just Funded Every Project OnDonorsChoose.Org
Anyone invested in crypto knows we've hit some hard times these past few months, so news like this is extra refreshing... and encouraging. As of a few days ago, DonorsChoose.org, the public school crowdfunding platform which lets teachers ask for contributions to fund important classroom needs or projects, had 35,647 open campaigns. But now, all have been fulfilled - thanks to a $29 million donation from Ripple, a cryptocurrency startup, which contributed that equivalent value in XRP, the digital coin that it uses in transactions. According to a DonorsChoose estimate, that funding will reach more than 28,200 teachers at more than 16,500 schools. “It’s honestly the biggest day in our 18-year history,” says DonorsChoose founder and CEO Charles Best, who notes that the request being met included things like books, microscopes, butterfly cocoon and robotics kits, and funds for field trips or to bring in class visitors. “[It was] anything and everything you could ever imagine a teacher needing to engage their students.” The donation is the largest contribution of digital currency ever to a single charity. Ripple (XRP) was founded in 2012, and uses blockchain technology to allow customers at various banks or financial institutions to send money overseas without incurring heavy fees or commission rates. The company currently has a supply of $100 billion in XRP on its platform. To convert the XRP into cash, DonorsChoose simply contracted with an existing banking partner withdraw the money. To learn more about the story, visit here.