Chronicle of Philanthropy, March 28, 2018: Cryptocurrency giant’s $29 million gift funds every request on Donorschoose.org
Late last night, the crowdfunding website DonorsChoose.org featured more than 35,000 requests from teachers seeking cash — for field trips, computers, musical instruments, and even an incubator for chicks. But when the clock ticked past midnight, those requests vanished. All the teachers’ needs had been answered by a single donor — a company specializing in cryptocurrency.
The unusual benefactor is Ripple, a San Francisco business that develops global payment networks through which banks, businesses, and institutions make cryptocurrency transactions. The company and its executives agreed to cover the cost of every project on the nonprofit’s website following an email pitch from DonorsChoose founder Charles Best and just a few weeks’ discussion.
Ripple’s donation — $29 million in XRP, the cryptocurrency it developed — is the largest gift in the 18-year history of DonorsChoose. One in six public schools across the country will benefit, according to the nonprofit. The gift is also believed to be the largest ever made in cryptocurrency to a single charity and reported publicly.
