This Is The Largest Cryptocurrency Donation Ever, And It All Went To Schools

The funding will reach 16,500 schools and more than 28,000 teachers.

On Monday March 26, the school crowdfunding site DonorsChoose had 35,647 open campaigns. By Wednesday March 28, every campaign had been fulfilled by Ripple, a San Francisco-based cryptocurrency startup that makes financial transactions faster.

The donations totaled $29 million worth of Ripple's cryptocurrency XRP — a digital token used to make transactions — and became the largest single cryptocurrency donation ever. When all is said and done, the funding will reach 16,500 schools and more than 28,000 teachers.

"At Ripple, we care about giving back to our community and we collectively value the importance of quality education in developing the next generation of leaders," Monica Long, Ripple's senior vice president of marketing, said in a statement to A Plus. "DonorsChoose.org's track record speaks for itself — they are highly effective at improving the quality of education and the experience of teachers and students across America. We're proud to work with them to support classroom needs across the country."

Money from Ripple's donation will go to a variety of requests from teachers, from books and microscopes to funds for field trips and butterfly cocoon kits. The campaigns fulfilled include schools in all 50 states across the United States.

"It's honestly the biggest day in our 18-year history," DonorsChoose founder and CEO Charles Best told Fast Company. "[It was] anything and everything you could ever imagine a teacher needing to engage their students."

Best had reached out to Ripple and explained the possible impact of fulfilling all of the campaigns on DonorsChoose. Ripple CEO Brad Garlinghouse's sister had been involved in DonorsChoose previously, and Best was hoping his plea might have a shot at being heard or at least partially fulfilled. 

"To my own shock, they said yes," Best told MSNBC. "It was mind-blowing that it would be the largest donation of cryptocurrency."

Ripple owns 60 billion of the 100 billion XRP that exist, making their holdings worth about $34.8 billion. XRP has the third largest market cap of any cryptocurrency, behind Ethereum and Bitcoin. The donation comes at a time when major cryptocurrencies, such as XRP, are hitting lows for 2018, and prices of cryptocurrencies have been plummeting for months. DonorsChoose said they will liquidate all of the XRP into dollars over the next two weeks. 

Before this donation, DonorsChoose had received about $640 million worth of donations that fulfilled over 1 million campaigns all-time. Best has previously said that about 80 percent of all teachers who use the service teach in low-income areas, according to Fast Company.  

"I would say that there's never been a day when more classroom dreams came to life than today in America's public schools, thanks to this gift," he told Fast Company after the Ripple donation was made. "At the same time, we know at DonorsChoose.org that public school teachers spend about $1.5 billion dollars every year out of their own pockets. And as an organization, we're just scratching at that challenge and at that problem."


GET SOME POSITIVITY IN YOUR INBOX

Subscribe to our newsletter and get the latest news and exclusive updates.