Ripple, a prominent US-based cryptocurrency services firm, has made headlines by pledging $25 million in Ripple USD (RLUSD) to support educational nonprofits DonorsChoose and Teach For America. This significant donation aims to provide essential resources for teachers, enabling them to extend their efforts beyond the classroom.
The announcement, made on May 5, highlights the role of The Giving Block, a crypto charity intermediary service, in processing these funds. Alix Guerrier, CEO of DonorsChoose, emphasized the financial burden on teachers, noting that many spend hundreds, if not thousands, of their own money to equip their classrooms. Through this donation, Ripple aims to alleviate some of this financial strain and bolster educational resources.
Recent findings from a Gallup survey indicate a growing dissatisfaction among parents and adults regarding the quality of K-12 education in the United States, with 55% expressing concerns. Ripple’s CEO, Brad Garlinghouse, reflects on this sentiment, stating the initiative hopes to inspire similar gestures and raise awareness around educational funding during Teacher Appreciation Week and beyond. “We hope to inspire others to do the same… to support students and teachers with the resources they need to build a stronger future for themselves and their communities,” Garlinghouse remarked.
Aneesh Sohoni, the CEO of Teach For America, revealed that this new funding will facilitate the expansion of their “Ignite Tutoring Fellows program” and enhance their innovative initiatives through the “Reinvention Lab,” ensuring teachers receive the financial support necessary for preparation.
Crypto-fueled Charity: A Growing Trend
The trend of cryptocurrency in charitable donations is becoming increasingly notable. Just last month, Binance co-founder Changpeng “CZ” Zhao pledged over half a million dollars worth of cryptocurrencies to aid earthquake disaster relief efforts in Thailand and Myanmar. The Giving Block projects that crypto donations could soar to $2.5 billion by 2025.
In addition to Ripple, other organizations like Blockchain For Impact (BFI) are also creating a significant impact in the charitable sector, having committed $90 million in March to advance biomedical research.
As cryptocurrencies continue to bridge the gap between finance and philanthropy, Ripple’s commitment serves as both a reminder and an inspiration for the industry to leverage its potential for meaningful social change.
