In what is being termed as the largest cryptocurrency donation till date, Chris Larsen, founder of famous fintech start-up Ripple, said that he has donated 56,000,000 XRP to San Francisco State University towards his alma mater.
In addition to which Larsen also said that he donated nearly $3,000,000 in USD as well.
Many top administrators at the San Francisco State University were left quite puzzled by the founder of Ripple’s decision to donate roughly $25,000,000 to his alma mater.
When questioned about how the school will utilize the donation it said that this has been a “learning process,” as it never had to deal with cryptocurrency before.
As per reports, given the restrictions due to financial regulations, the school has been selling the XRP in small amounts to convert the donations into dollars. , it has reportedly collected $7,500,000 in its bank account from cryptocurrency exchanges.
The donation will go towards the Lam-Larsen Fund for Global Innovation and a new chair in financial technology with the goal of supporting students who study cryptocurrencies along with various other digital financial services.
In what is probably the most “Silicon Valley donation” any university has ever received, it is reportedly just a small step towards the greater strategy by Ripple and its founders.
As per reports, in the near future, the fintech company plans to donate, roughly $50M to as many as 17 universities worldwide with the aim to spur further interest and specialized research into cryptocurrencies.