Ripple announced on Wednesday that the company has donated $29 million of its XRP cryptocurrency, in response to a crowdfunding effort to obtain charitable funds for public school educators across the United States. The gift was made to DonorsChoose.org, a crowdfunding site that teachers throughout the U.S. have been using to request donations to help them pay for additional classroom supplies.
According to a report from CNBC, Ripple claims that the digital currency donation is the largest of its kind to any one charitable organization. Once the funds are converted to U.S. dollars, the money will be distributed to teachers in every state. Ripple apparently estimates that 28,000 or more teachers could benefit from the gift.
DonorsChoose.org CEO Charles Best confirmed that he has initially sent Ripple an email that explained how the company could impact teachers and classrooms with this type of charitable gift. Best suggested that he approached the matter with something less than lofty expectations:
"To my own shock, they said yes. It was mind-blowing that it would be the largest donation of cryptocurrency."
To minimize any negative impact on XRP’s price, the charity has reportedly agreed to not liquidate the coins all at once. Ripple senior vice president of marketing Monica Long said that DonorsChoose.org will convert the digital currency to dollars over the course of about two weeks.