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Ripple’s Chris Larsen donates $25 million in XRP to San Francisco State University

Namrata Shukla



Ripple's Chris Larsen donated $25 million in XRP to San Francisco State University
Source: Pixabay

Chris Larsen, Ripple’s Co-founder, and his wife Lyne Lam, donated $25 million in XRP to a university in California. The couple made this donation through Ripple Works, a private foundation that provides support to promising entrepreneurs at San Francisco State University [SFSU] college of Business, according to an official announcement from the university.

San Francisco State University will use this fund for supporting students studying global entrepreneurial and fintech ecosystems. According to the university, this is the largest single contribution made in crypto to a university in the country.

University President Leslie E. Wong said:

“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 Rippleworks 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.”

This initiative followed Ripple’s social impact program termed ‘Ripple for Good’ that saw its launch in September 2018. Ripple for Good and RippleWorks were working together and they were set to pool $25 million from the firm along with $80 million in donations to invest in projects focused on education and financial inclusion. The San Francisco-based technology company has made such donations in the past too.

In June 2018 the company unveiled its University Blockchain Research Initiative with $50 million as a donation to 17 universities all around the world in order to support education in blockchain technology and cryptocurrencies. Similarly, in March, the company donated $29 million XRP to support U.S. public schools.

Ripple’s XRP ranks third in the market in terms of market capitalization. The coin plunged by 2.86% over the past day. XRP managed to grow by 14.30% over the week and was valued at $0.3538, at press time.

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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.