In one of the largest donations in the digital world, the executive chairman and co-founder of Ripple, Chris Larsen has donated XRP cryptocurrency worth $25 million to San Francisco State University. He made this donation along with his wife and Rippleworks which is the nonprofit foundation arm of the company. The announcement was made public by University officials on Friday who says that it is probably the biggest digital donation a university has ever received in the United States. The funding will be utilized by the business college of the university which will help the students undertake the project to revive and change financial technology ecosystem around the world.
Leslie E. Wong who is the president of the university announced that this funding will enable the business college of the university to emerge as an epicenter of new entrepreneurial pursuits and business innovations. The students will certainly be benefited by resources and it will help them to achieve a distinctive place in the global business world. In another separate statement released by the University, this donation will also help to fund two new faculty chairs: Chair for Innovation and Entrepreneurship (endowed by Rippleworks) and Chair in Financial Technology (endowed by Lam-Larsen). Both of these positions will help the business school to come up with groundbreaking work in the field of digital currencies, financial technologies, innovation and commercial incubations, and entrepreneurship among others.
In a sign of gratitude to the funding, the university is also contemplative to change the name of its business college to Lam Family College of Business provided the proposal is approved by Board of Trustees of California State University. The University has started “BOLD Thinking” campaign for collecting the funds and so far it has been able to collect $136 million out of the set target of $150 million. John Gumas who is the chairman of this funding campaign expressed his pleasure at the pace of fund collection. However, he said that the target of $150 million hasn’t yet been reached.
Just so you know, in 2014 amidst raging allegations that a large amount of XRP was given to founders of Ripple, Larsen made a commitment to donate 7bn XRP for charitable causes. XRP is the third largest cryptocurrency in the world by market capitalization behind Bitcoin and Ethereum and at the press time, it was trading at $0.36, almost unchanged over the 24-hours.