Ripple Donates $29 Million To Fund All 35,000 DonorsChoose Classroom Projects

  • Ripple donated $29 Million to DonorsChoose.com in its XRP token
  • The donation crashed the non-profit's website and funded its 35,000 ongoing campaigns

Cryptocurrencies are too often branded with negative press; rendering them synonymous with terms like "dark web." With the likes of Ripple, it's a stereotype that it seemingly doesn't deserve as the company keeps taking steps towards its goals.

Since its formation in 2012, Ripple has had a special interest in championing the blockchain cause, recognizing its place and responsibility in creating what it refers to as an 'Internet of Value'. It's an ambition Ripple has, to provide a method of payment as fast as information is obtained via the internet.

Over the last few months cryptocurrencies have been undergoing a bearish trend, despite their lofty ambitions. Ripple's XRP hasn't been an exception to this trend; According to CNBC, it was one of the worst performers in the first quarter of 2018, as its value plunged about 74 percent alongside others on the market.

Internet and Education of Value

The Internet of Value would not be possible without the classrooms and teachers that inspire entrepreneurial spirit within students. In the US, the education system finds itself grossly underfunded in many instances.

This led to the creation of DonorsChoose.org, a platform that gives teachers a way to crowdfund any project they want to. From major field trips to extra school supplies, it's provided teachers with an avenue to obtain much-needed support. Projects like Ripple wouldn't be possible without teachers and an education that allowed individuals to aspire to achieve their aspirations and projects.

It's with this in mind that recently, Ripple has committed to donating over $29 million to numerous projects on the website, as an excited Stephen Colbert announced.

Through a blog post on its website, Ripple revealed the donation was made in its XRP token, though it's believed it was immediately converted to USD. DonorsChoose, through a blog post, also commented on the generous donation. It reads:

“Today marks the first time in 18 years where the total number of projects on our site reads ‘0.' Thanks to Ripple’s gift, over the next few weeks tens of thousands more boxes full of supplies will start arriving in classrooms across the country.”

DonorsChoose

Swiss Bank Digital Assets Head Refutes Goldman Sachs’ Bitcoin Report

Michael LaVere
  • Swissquote Bank digital assets head Chris Thomas published a rebuttal to Goldman Sachs' report dismissing bitcoin as an asset.
  • Thomas argued bitcoin's volatility is normal for an infant market and should be considered in a diversified portfolio. 

A Swiss bank executive has published a rebuttal against Goldman Sachs' scathing analysis of bitcoin which claimed that cryptocurrencies are not an asset class. 

On May 27, a leaked outlook presentation by Goldman Sachs revealed that the investment bank is bearish on the future of bitcoin. The Wall Street bank claimed that bitcoin and cryptocurrencies should not be considered an asset class and are too volatile for rational investment. 

Chris Thomas, head of digital assets at Swissquote Bank, published a point-by-point rebuttal to the Goldman report, calling the bank’s analysis of bitcoin a disservice to investors. 

According to the release, bitcoin represents an emerging asset class that will prove suitable for both retail and institutional participants. While Thomas admitted the technology is still at an “early stage,” the Swiss exec argued that crypto-assets deserve to be considered in a diversified portfolio. 

He wrote, 

Goldman Sachs is ignoring the strong foundations of this emerging asset class based on cryptographic principles and a world where many, if not all, assets will be tokenised, and trading them will be democratised.

Thomas continued, refuting Goldman’s dismissal of bitcoin due to its high price volatility. He argued that volatility is “absolutely natural” for a market in its infancy and cautioned investors against over-extending themselves in crypto. 

Thomas also took issue with the Goldman report highlighting Bitcoin’s 37% price plunge in mid-March. 

He wrote, 

Absolutely, bitcoin did fall 37% on March 12, 2020. And just one month later, Oil markets plunged 333% in the space of 24 hours, nearly 10x a greater drop, touching a low of MINUS $40 per barrel at one point. In December 2019, Goldman Sachs predicted the average oil price through 2020 would be $63 per barrel.

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