San Francisco State University has received a $ 25 million donation from XRP from a former student, Chris Larsen, co-founder of Ripple Labs Inc.
The announcement was made on Friday, April 5 and the funds were transferred through Ripple Works, a private foundation founded by Larsen in 2015 that provides support to social entrepreneurs.
Actually, the purpose of this donation would be to stimulate understanding and innovation around Blockchain technology and cryptocurrency through collaborations on research and technical development. However, it is not the first time a donation is made in cryptocurrency but the 56 million XRP, given by Chris Larsen (graduated in 1984), his wife, Lyna Lam, and Rippleworks, a non-profit foundation created in 2015 by Chris Larsen and Doug Galen, make it the largest donation ever made to an American university in the form of cryptocurrency. Ripple would have been on a “good path” since last September, starting his “Ripple for Good” social impact program. Ripple for Good has partnered with Ripple Works to potentially donate more than $ 80 million in less than a year to programs aimed at financing financial education.
This innovative gift will position the College of Business as an epicenter of innovation and evolving entrepreneurship, extremely diverse and relevant to the industry: said Leslie E. Wong, the president of the university.
The money will be used to help students studying fintech ecosystems or global entrepreneurial ecosystems.It seems that since last year, Ripple has taken a close interest in academia. This is demonstrated by its University Blockchain Research Initiative (UBRI) program, which aims to fund universities across the globe to support and accelerate the adoption of blockchains and cryptocurrencies.