Ripple Doesn’t Just Take; It Gives
The currency’s co-founders have donated roughly $25 million in cryptocurrency to San Francisco State University (SFSU), the alma mater of Chris Larsen and his wife Lyna Lam. The announcement was made on Friday, April 5, and the funds were transferred through Ripple Works, a private foundation founded by Larsen in 2015 that provides support to social entrepreneurs.
The money will be used to assist students who are studying either fintech or global entrepreneurial ecosystems. It is the largest single donation made in cryptocurrency to a university in America, according to SFSU. University president Leslie E. Wong explained:
This groundbreaking gift will position the College of Business as an evolving, distinctly diverse and industry-relevant epicenter of business innovation and entrepreneurship. Chris, Lyna and Ripple Works are innovators, and their gift will inspire our students to creatively and strategically approach the business and tech landscapes to become the next generation of entrepreneurs and global business leaders.
The $25 million donation was part of a campaign involving San Francisco State University. The school was working to garner more than $136 million in total donations. With this latest gift from both Larsen and his wife, the school has now accomplished that goal.
Wong continued his statement with additional praise for the university and its long-term goals. He stated:
A world-class city demands a world-class university. For more than a century, San Francisco State has been a catalyst and partner for progress, here in this vibrant and diverse city we call home, and well beyond. We play on an international field of bold ideas and actions, with alumnae working, living and driving positive change globally and in so many disciplines. This is a night to celebrate the university and the future of our students, their families and our friends, and the investments in our students and faculty who truly do change the world for the better.
Ripple has allegedly been on a “path for good” since September of last year when it began its “Ripple for Good” social impact program. Ripple for Good has partnered with Ripple Works to potentially donate more than $80 million in less than one year towards programs aimed at funding financial education.
Crypto and Universities; Two Peas in a Pod
Prior to the start of Ripple for Good, the company had made donations to approximately 17 different universities offering both blockchain and cryptocurrency courses through its University Blockchain Research Initiative. Ripple also gave more than $29 million in XRP to public schools throughout the United States in March of last year. The money was slated to assist more than 30,000 individual classrooms.
Cryptocurrencies have become common investment grounds for universities. Yale’s endowment, for example, was revealed to have invested in assorted cryptocurrencies during the latter half of 2018.