Back in March, San Francisco based blockchain company, Ripple partnered with classroom crowdfunding charity Donorschoose.org, donating 29 million dollars and completely funding more than 35,000 teacher projects posted on the site, reaching more than 16,500 public schools nationwide.
The donation is currently the largest single digital currency donation to any charity. A good bit of secrecy prior to the donation and a shutdown of the website on the announcement day was required to prevent excessive traffic and opportunists looking to cash in. Even so, 24-hours after the announcement was made, donorschoose.org saw over 16,000 new project submissions looking to be funded.
The donation was made initially in Ripple’s digital Token XRP with donorschoose.org agreeing to sell the digital asset in parts over a two week period prior to the announcement to claim the donation in US dollars without causing a change in the going price of XRP. A sale of more than 40 Million XRP all at once would have definitely dropped the price significantly.
Teachers who use donorschoose.org are frequently encouraged to be bold in their request for funding as they share their heart and vision for the classrooms they want to impact. It was with this same encouraged boldness that DonorsChoose founder Charles Best made his request via an email to Ripple CEO Brad Garlinghouse for the funding for every single project on the site. A request Best admits was a “wildly ambitious pitch”.
While the donated amount is significant, as far as Ripple is considered, the donation was only a tiny fraction of what Ripple holds (approximately 55 billion of the 100 billion XRP currently in circulation). This is a testament to the financial presence of the third most valuable cryptocurrency by market capitalization.