BeInNews Academy Ltd © Street: Suite 1701 – 02A, 17/F, 625 King’s Road, North Point. Hong Kong.
Chris Larsen, a founder of famous fintech startup Ripple, is donating San Francisco State University 56,000,000to his alma mater — in addition to about $3,000,000 in USD.
The founder of Ripple just gave a donation to his alma mater which confused some of the top administrators at San Francisco State University. He decided to donate some 56,000,000 XRP coins and $3,000,000 in USD, totaling $25,000,000, to his former university. The school said this has been a “learning process,” since it never had to deal with cryptocurrency before.
Due to financial regulations, the school has been slowly selling the XRP to convert the donations into dollars. So far, it has $7,500,000 in its bank account from cryptocurrency exchanges.
[bctt tweet=”The founder of Ripple just made the largest cryptocurrency donation ever to his alma mater, totaling $25M, to support cryptocurrency research and development at San Francisco State University. ” via=”no”]
The donation will go towards a new chair in financial technology and the Lam-Larsen Fund for Global Innovation with the goal of supporting students who study cryptocurrencies and other digital financial services.
The university is also waiting on approval to change the name of its College of Business to the Lam Family College of Business. Larson graduated from the university’s College of Business. Many of his family also attended, such as his sister-in-law and several other relatives — so he has long-standing connections with San Francisco State.
In what is probably the most “Silicon Valley donation” any university has ever received, it’s just one piece of the greater strategy by Ripple and its founders. The fintech company has said that it plans to donate, in total, around $50M to 17 universities around the world to spur further interest and specialized research into cryptocurrencies.
Is it time we had specialized Blockchain is a digital ledger that’s used for storing data on several servers across the world in a decentralized, trustless... More on cryptocurrencies in our universities? Let us know your thoughts below!
Do you want to Be In Crypto?Join our Telegram Trading Group for FREE Trading Signals,a FREE Trading Course for Beginners and Advanced Tradersand a lot of fun! Images courtesy of Shutterstock, TradingView and Twitter.