Ripple just announced a $25 million donation to two big U.S. education nonprofit organizations, DonorsChoose and Teach For America. The funding, which is mostly in Ripple's own stablecoin Ripple USD (RLUSD), will go toward classroom projects, tutoring programs and other teacher-led initiatives throughout the country.
The donation is going to be given out over the course of the year, starting during Teacher Appreciation Week. Ripple says its goal is to support teachers and students by providing funding for supplies, programs and new ideas in schools.
A majorpart of the funding will be transferred in the RLUSD stablecoin, making this one of the first large-scale nonprofit partnerships using a crypto-based stablecoin. Ripple says this method makes it possible to send money faster and more efficiently.
Stablecoins are becoming more popular for giving, and recent data shows they now account for over half of all blockchain-based transaction volume.
Ripple is teaming up with DonorsChoose to fund thousands of teacher requests for classroom resources. At the same time, they will use the support to expand their Ignite tutoring program, explore new learning models through their Reinvention Lab, and help new teachers as they begin training.
“Ripple has always championed financial and educational access for all, and we’re partnering with some of the most impactful organizations – DonorsChoose and Teach For America – to benefit thousands of classrooms across the U.S.,” - Brad Garlinghouse, CEO of Ripple.
This $25 million donation is part of Ripple's ongoing efforts in philanthropy, particularly in areas where crypto-based tools can be applied. Since 2018, the company says, it has contributed over $200 million worldwide to nonprofits, research and social programs. Ripple also encourages its employees to volunteer and donate throughout the year.
Vladislav Sopov