Chris Larsen, a founder of famous fintech startup Ripple, is donating San Francisco State University 56,000,000 XRP to 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 Largest Cryptocurrency Donation Ever
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.
One XRP Donation of Many
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.
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