Ripple donates $29 million worth of XRP to an American public school charity
Ripple has donated $29 million to fund school supplies for students in public schools in the US. This donation was made through DonorsChoose.org, a non-profit organization that allows individuals to donate directly to public school classroom projects.
Ripple announced the donation on its website yesterday:
The website even went down after the announcement of the donation. However, new requests are increasingly getting listed again on the DonorsChoose website.
Ripple is known to hold approximately 62 percent of all XRP tokens’ supply. This fact has attracted a lot of criticism from the wider cryptocurrency community, on the basis that the hold of Ripple over these tokens technically makes it centralized and gives Ripple an undue advantage for tampering with the supply-demand balance.
In reaction to this criticism from the community and the fear among investors, Ripple locked 55 billion XRP tokens in an escrow, which allows it to sell up to 1 billion XRP tokens per year.
While the exact motivation behind this donation cannot be pin-pointed, it may be seen as a ploy to affect market sentiments. Ripple reached its maximum market value at $3.65 at the start of this year, however is currently priced at only $0.58, as the entire cryptocurrency market continues to suffer.
It’s good that Ripple has opted to spend some of its resources for a good cause, but that doesn’t absolve them from having kept most of the entire coin supply to themselves and keeping monopoly over a currency that is supposed to be decentralized.
* You will receive the latest news and updates.