On Wednesday, Cryptocurrency startup Ripple announced its donation of $29 million XRP to fund public schools in the U.S.
The donation, considered to be the largest cryptocurrency gift to a single charity, was done in response to thousands of requests from public school teachers on the crowdfunding site DonorsChoose.org. According to Ripple, the donation will be used to purchase classroom materials for over 28,000 public school teachers all over the U.S.
Ripple is a San-Franciso based company developing a system that will enable faster global financial payments. XRP is the name of the digital token that can be used for transactions.
Ripple owns around 60 billion of the 100 billion XRP in circulation, which brings its market cap and holdings close to $34.8 billion based on Wednesday’s prices.
According to Monica Long, senior vice president of marketing, the donation is, so far, said to be the biggest effort, by the company to formalize a social good program. However, she said that the Fintech company is planning to do more and focus primarily on improving the educational system in the country.
DonorsChoose.org agreed to liquidate the donation into U.S. dollars in two weeks so as to avoid affecting its market price. The charity’s policy, where donated shares of a company also apply, is to sell immediately.
Ripple is not the first crypto-company to use cryptocurrency for philanthropy.
In December, an anonymous donor set up Pineapple Fund, an organization that would give away more than 5,000 bitcoin to numerous charities. The donor announced to donate $86 million worth of bitcoin to everyone who applied through the site.