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Ripple Pledges Up to $1M in XRP to Turkey’s Earthquake Relief Efforts

2 mins
Updated by Ali M.
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In Brief

  • Ripple will pledge $250,000 itself and commit 2:1 for other donations.
  • Vitalik Buterin has also been donating to relief efforts following the earthquake in Turkey.
  • XRP prices gain 2.8% on the day.
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San Francisco-based fintech firm Ripple has pledged as much as $1 million in its native coin XRP. The funds will go towards several organizations providing relief for victims of the Turkey-Syria earthquake.

On Feb. 15, Ripple announced that it was committing $1 million in XRP to support NGOs providing earthquake relief in Turkey and Syria.

The fintech firm said that it was directly donating $250,000 in XRP (approx. 654,000 coins) through the Crypto for Charity relief fund.

Furthermore, it added that it would match all crypto donations to the fund 2:1 with a limit of $750,000.

Ripple Joining Crypto Donors

According to reports, a 7.8 magnitude earthquake struck Turkey and Syria on Feb. 6, and the death toll has now risen above 36,000.

Ripple clarified that the fund supports four non-governmental organizations (NGOs), including CARE, Mercy Corps, and the International Rescue Committee.

These are helping affected communities in Syria and Turkey by providing “immediate cash, basic items such as household kits, dignity kits for women and girls, hygiene supplies and more,” it stated.

Funds will also go to organizations such as World Central Kitchen to work with field kitchens, local chefs and restaurants, and food trucks to feed survivors and first responders.

Ripple is not the only company or individual pledging crypto support to the cause. The Tezos Foundation is also facilitating crypto donations to relief support efforts.

Furthermore, Ethereum co-founder Vitalik Buterin has been actively donating ETH to various NGOs. Over the past few days, Vitalik has sent around $228,000 (150 ETH) to two Turkish earthquake relief organizations.

The latest on Feb. 13 went to Anka Relief, a crypto aid fund and community dedicated to supporting Turkish quake victims. Vitalik also donated 100 ETH to Abhap, an aid organization collecting crypto contributions.

According to the Abhap website, more than $4.4 million has already been donated via digital assets.

XRP Price Outlook

XRP prices have gained 2.8% on the day in a climb to $0.38 at the time of press. The Ripple coin is still under pressure though, having lost 6% over the past week and failing to break $0.40 since Feb. 9.

XRP Price Reacts to Ripple Turkey Earthquake Donation
Source: BeInCrypto

XRP is in a wider retreat at the moment as January’s market rally runs out of steam. Furthermore, the cross-border payments coin has lost 89% since its January 2018 peak price of $3.40.

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...