Chris Larsen, co-founder of cryptocurrency company Ripple, and his wife, Lyna Lam, have donated $25 million worth of Ripple’s cryptocurrency XRP to Larsen’s alma mater, San Francisco State University’s (SFSU) College of Business. Announced earlier today, the donation was made through RippleWorks, a private foundation that supports promising social entrepreneurs.
SFSU will use the funds to support students studying global entrepreneurial and fintech ecosystems.
According to SFSU, Larsen’s contribution marks the largest single donation made to a United States university in cryptocurrency. Said SFSU President Leslie E. Wong:
“This groundbreaking gift will position the College of Business as an evolving, distinctly diverse and industry-relevant epicenter of business innovation and entrepreneurship. Chris, Lyna and Rippleworks are innovators, and their gift will inspire our students to creatively and strategically approach the business and tech landscapes to become the next generation of entrepreneurs and global business leaders.”
The donation comes months after Ripple announced its social impact program “Ripple for Good” last September, which was designed to work in tandem with RippleWorks, where $25 million from the company would be pooled with $80 million in donations to invest in projects that centered on education and financial inclusion, the latter being one of the main goals of the cryptocurrency space overall.
Ripple has made similar, sizeable donations in the past. In June, the firm announced their University Blockchain Research Initiative, which would entail $50 million worth of donations to 17 universities globally to support crypto and blockchain education. Also, more than a year ago, in March, Ripple donated $29 million in XRP to support U.S. public schools after receiving funding requests from teachers via the DonorsChoose charity fund. The funds were specifically made to provide supplies for more than 30,000 classrooms across the country.
Ripple currently sits at #3 on CoinMarketCap’s list of cryptocurrencies by market cap.