There are so many things people are talking about cryptocurrncy these days, we have been hearing about its dim future, regulatory bodies taking strict measures against it, Technology giants are banning its advertisement, Governments are declaring it illegal. With so much of negative news surrounding crypto world, it is still progressing to extend its domain in the exchanges and in the currency market. Ripple All Set to Become a Top Cryptocurrency-Donates $29 million to Public Schools.
Despite all this Chaos, Ripple has came up as a strongest currency to donate 29 Mln XPR, its own currency unit. At today’s exchange rate its worth in Fiat currency is approximately $14 Million. The purpose for this donation is to improve the quality of education of public sector schools in US.
Is ripple all set to become a top crypto currency after making the largest donation in the history of cryptocurrency?
Ripple is the Third Largest Cryptocurrency
Ripple is currently trading at $ 0.49 in the exchanges and it is the third largest cryptocurrency based on market capitalization. According to Coinmarketcap, Ripple coin amounts to over $20 bln today. The SEO of DonorsChoose Charles Best said that it will be the largest donation in the history of cryptocurrency. Now rumors are circulating in the market that Ripple may become the Top Cryptocurrency in the world.
Who will Benefit from this Donation?
According to ABC7, Ripple has fulfilled around 35,000 funding requests via Doonarschoose platform.
Ripple has stated
“We’re so happy to give back to teachers like @Kinder_roxs and all thir students across the ountry!
Help us build on this momentum up by donating to projects on @DonorsChoose and continue the #BestSchoolDayTwitter.com/Kinder_roxs/st….”
Ripple All Set to Become a Top CryptoCurrency-Donates $29 million to Public Schools
Readily Spendable Funding
This charity though is funded in Ripple coin but according to the policy it has to be converted to US dollars in the course of two weeks. This condition will help the schools to avoid any negative impact of the volatile crypto market.
Where will this Money be Spent?
Ripple said in a public statement that this money will be used to equip approximately 30,000 classrooms in different US states. More than one million students will receive books, technology, school items and other resources to improve their quality of education.
Who Else has Donated in Crypto World?
According to the Cointelegraph report, Ethereum (ETH) in partnership with Vitalik Buterin donated $1 million to an Afrincan Charity GiveDirectly.
In February this year, Buterin donated $2.4 mln worth of ETH to a research foundation dealing in age related diseases.
In the same month, Bitcoin donated $1 million to the Internet Archive, it also aims to donate $86 million worth of BTC to different organizations.
The Impact of this Charity
With this amount of charity Ripple has made the space in the headlines on different websites and it will develop a good repute to attract more investors. This move could turn fortunate for the investors and for the currency itself.
News is one of the most important factors to impact the value of any currency. We cannot say to be exact on how much value it will gain or lose because of this generous move but we can certainly feel that this will bring positive results to the value of Ripple in the long run.
Traders must look for investment in this digital currency and keep an eye on the changes in its value from now on wards. A well informed trading decision is the one which turns fruitful and gives sustainable progress in trading.