Primary Field of Focus: Ripple – Leading the Way.
Today I want to write about a recent occurrence in the realm of crypto and why I think that it is important.Ripple recently announce in a public statement [1] that they were giving $29 Million dollars worth of $XRP to DonorsChoosefor the benefit of teachers in the classroom for Best School Day This single donation of cryptocurrency is special because it is notably the largest ever donated in a single instance before. Check out their YouTube video! The founders of OmiseGO (OMG), Jun Hasegawa, and Ethereum (ETH), Vitalik Buterin, also donated $1Million to Ugandan Refugees [2]. The average person even has the opportunity donate to charity with their own cryptocurrency through an organization called Fidelity Charitable. There is even a little known crypto called Donationcoin (DON). That particular crypto doesn’t seem to have much activity, but at least the concept is out there. If there’s another one out there, let me know. I’d be curious.The act of giving $29 Million to Donors Choose by Ripple is not some publicity stunt by Ripple. I’d venture to say there is way more behind it than that. Yes their name is out there, but for starters, Ripple isn’t just a crypto. Like OmiseGo, they are a company. This single act will help show other companies out there that, one, donating in crypto is possible and a good thing, and two, they are carrying the torch leading the way to encourage other companies to do the same. Now 35,000 classrooms across the country are having their needs fulfilled because of $XRP.Another significant effect, in my opinion, is the market stimulation. DonorsChoose didn’t get $29 United States Dollars, they have it in $XRP. DonorsChoose has to liquidate all of the $XRP into USD to obtain their donation for it to be useful to them. That means selling on markets. At the time of donation $XRP was trading at $0.53, so the $29 Million donation released a new 54,716,981 $XRP onto the market. I know Ripple still has boat loads of $XRP of their own, but it’s now less! This is good for the market because, first, Ripple itself has less of a piece of the overall market. Second, because of the increase in trade volume over the coming weeks as DonorsChoose sells off their donation. They agreed not to sell it all at once, as is their policy with donated shares of a company, according to CNBC [3].In the future, it is my hope and also I expect there will be additional companies contributing to society by donating their crypto. As new companies are created and their crypto assets obtain and grow value, a great source of financial power is wielded. One that can benefit any charity should that company or crypto organization choose to follow Ripple’s lead. In the market volatility of crypto currency $29 Million is created and lost on a weekly basis. We should try and do some good with it while we ride the roller coaster!References:
- https://ripple.com/insights/ripple-executives-proud-support-americas-public-schools-29-million-xrp-donation-donorschoose-org/
- https://stocksgazette.com/2018/03/30/omisego-omg-and-ethereum-founder-give-hope-to-uganda-refugees-with-1m-donation/
- https://www.cnbc.com/2018/03/28/ripple-gives-away-29-million-of-its-cryptocurrency-to-public-schools.html
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