Ripple Surprises Non-Profit with $29 Million Donation ๐จ This article is 6 years old...
Ripple Surprises Non-Profit with $29 Million Donation
3 min read
Updated: Nov. 7, 2019 at 2:23 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
When you email the co-founder of Ripple, Chris Larsen, asking for a favor, you might expect to get a friendly email thanking you for reaching out. Or perhaps a token gesture, promising that they will give you a shout out at their next press release. What you don’t expect is for them to do is pledge $29 millionย to your platform.
However, this is precisely the situation that Charles Best, the founder of the nonprofit DonorsChoose.org found himself.
So when Best emailed Larsen asking for a big favor, he was worried that he might cause some offense or be ignored but thought that it was at least worth a try.
The platform that connects banks, payment providers, digital asset exchanges and corporates via the RippleNet to provide a smooth experience to send money globally. Ripple had been strong support for the non-profit years earlier, so he thought he would take a gamble. After Best sent off the big pitch, he told The San Francisco Chronicle:
“I kind of dared myself to send an email pitching an idea 10 times bigger than I’ve ever pitched before.”
Ripple did not Disappoint
So how exactly did Larsen and Ripple react to the pitch? They responded with a $29 million donation to the organization, enough money to fully fund over 35,000 classroom requests.
According to the San Francisco Chronicle, this would be the single most significant cryptocurrency donation in history.ย ย The XRP that has been donated was converted into fiat dollars, where the nonprofit will fulfill the requests, buying books, funding field trips and helping to complete the projects.
We canโt believe that just happened. With the largest single donation in our history, @Ripple just funded EVERY SINGLE CLASSROOM PROJECT on our site. Happy #BestSchoolDay! https://t.co/HMYS3w9aXV pic.twitter.com/HZHQTpmXEY
— DonorsChoose (@DonorsChoose) March 28, 2018
Who exactly is DonorsChoose?
DonorsChoose.org makes it easy for anyone to help a classroom in need. It was founded in 2000, and it all was teachers to post classroom project requests, and then donors can select the projects that they want to support.
Public school teachers from every corner of America create classroom project requests, and you can donate any amount to the project that inspires you.
With the funds that Ripple is donating, they are now able to complete every project that was pledged on their platform.
“The teachers behind these projects work with more than a million students who are now going to get materials and experiences that they need to learn.”
#bestschoolday
After the announcement, social media started filling up with mentions by the teachers and students who were previously not able to fund their projects.
The hashtag #bestschoolday started trending, with many teachers moved to tears because their projects could now be fulfilled.
Public schools who are often at a distinct disadvantage due to a lack of funding are now able to afford iPads, laptop bars, and school field trips, to name just a few.
#BestSchoolDay and @Ripple just funded every project on DonorsChoose ( OVER 29 Million $) including my $11,000.00 big dream project for a brand spanking new Google Expedition set for 30 students! Oh the places we will go!
— Jill Weaver (@jillsciteach) March 28, 2018
Sometimes amazing things do happen. On behalf of me and the other 35,646 projects just funded by the $29 million donation from @Ripple, thank you, thank you, thank you. You just made dreams into realities for millions of kids. Chills!!!#BestSchoolDay
— TJ (@TeachTJT) March 28, 2018
The Ripple Foundation’s remarkable act of generosity and kindness has helped to improve the lives of many teachers who often use their minimum wage to make up for the lack of resources in their classes. The donation will surely make an enormous difference in both the teachers and students lives.
