Shaurya Malwa · 10 hours ago · 2 min read
Blockchain-based payments processor Ripple, announced its partnership with pop star icon Madonna for endorsing a fundraiser in Malawi, Africa.
This post was written in collaboration with Aliesha Duffin.
Ripple is leaving no stone unturned for gaining relevance among the masses. The company regularly conducts educational, celebrity endorsements and philanthropic activity regularly to popularize its XRP token.
As stated in the official post, the pop icon stated the fundraiser was a means of celebrating her 60th birthday, falling on August 16.
All donations are committed toward the Rising Malawi foundation, a non-profit organization owned by Madonna and screenwriter Michael Berg, and the Home of Hope orphanage. Ripple was introduced to Raising Malawi by investors at Sound Ventures, a tech investment fund founded by actor Ashton Kutcher and Guy Oseary six years ago. Kutcher made headlines in May when he donated $4 million on behalf of Ripple to Ellen De Generes’ charity.
The campaign is scheduled to run from July 30, 2018 to August 31, 2018, and eight days into the campaign, the initiative has received $199,462. Ripple says it plans to match all raised donations with an equivalent amount of XRP.
Since 2006, the foundation has helped more than 10,000 children by providing healthcare, education and establishing the first pediatric surgery and intensive care unit in the country. According to from the International Monetary Fund, Malawi is amongst the world’s poorest nations with 50% of its population living below poverty.
A Generous 2018 for Ripple
While Ripple maintains on several occasions it does not consider XRP a fundamental part of its business, the company controversially continues to donate large amounts of XRP.
In March, Ripple donated $29 million to the non-profit organization DonorsChoose.org and in June, Larsen and Ripple CEO Brad Garlinghouse both donated to GiveCrypto– a crypto charity launched by Coinbase CEO, Brian Armstrong.
Eric van Miltenburg, senior vice president of business operations, Ripple, called the charity an important event, adding:
“We’re honored to be a part of Raising Malawi’s amazing work with some of the world’s most underserved children and are grateful to our investors at Sound Ventures for making the introduction to us and this important cause.”
Madonna also commented:
“Every dollar raised will go directly to meals, schools, uniforms and healthcare. I want to come together with my friends, fans and supporters to change the lives of Malawian children and let them know they are nurtured, protected and loved.”
Ripple’s philanthropy is refreshing in a sector frequently hit with negative press, skepticism and an uphill battle for mass adoption. It will be interesting to see what other philanthropic ventures Ripple will embark on in 2018.