Ripple donates $29 million in XRP to US schools

Ripple, the company behind the cryptocurrency XRP, has made a $29 million donation to DonorsChoose.org, a site where American schools can request money for supplies. This temporarily provided all schools that requested this with the necessary funds.

Ripple says it made the donation because every employee of the company owes their education to schools and that the company wants to give something back in this way. The Next Web speculates that Ripple may have another motive, as the value of the XRP has fallen sharply in recent months.

The company can make the donation as it owns more than half of the total amount of XRP. After the creation, the creators gave eighty percent of the total amount of XRP to the company. That has since given away a lot, including previously to charities. Despite this, Ripple still has a firm grip on the cryptocurrency.

With the donation, DonorsChoose.org has been able to fund the projects of nearly 30,000 American schools. On the site, schools can indicate that they need funding for specific purposes, after which people on the site can view the projects and donate per project.