Chris Larsen, the co-founder of San Francisco-based firm Ripple and his wife Lyna Lam, have reportedly donated $25 million in XRP to a University in California, an official announcement revealed.
Cointelegraph reports that they donated $25 million worth of XRP to the San Francisco State University’s College of Business via RippleWorks which is a private foundation that provides practical support to new entrepreneurs.
It was also reported that the University would be directing these funds to offer support to students who are studying global entrepreneurial and fintech ecosystems.
SFSU says that the donation is the most significant single contribution that has been made in crypto to a university in the US.
University President Leslie E. Wong stated the following about this important donation.
“This groundbreaking gift will position the College of Business as an evolving, distinctly diverse and industry-relevant epicenter of business innovation and entrepreneurship. Chris, Lyna, and Rippleworks are innovators, and their gift will inspire our students to creatively and strategically approach the business and tech landscapes to become the next generation of entrepreneurs and global business leaders.”
Ripple for Good
This donation comes after the formal social program of Ripple called Ripple for Good which has been launched back in September 2018.
The program operated with RippleWorks and it was set to pool $25 million from the company together with $80 million in donations to invest in projects which are focused on financial inclusion and education as well.
Ripple’s tech and XRP’s main use case are solid
Ripple’s CEO, Brad Garlinghouse has recently addressed various subjects regarding the San Francisco-based company Ripple and XRP as well.
He said that Ripple’s solutions are used for transferring billions of dollars all over the world.
He also addressed the primary use case of XRP which is revolving around payments and said that this is probably the most solid use case of crypto.
Garlinghouse believes that crypto and the blockchain can address the flaws of the traditional financial system.