Chris Larsen, founder of cryptocurrency company Ripple has donated USD 25 million to his old alma mater San Francisco State University (SFSU).
The donation worth USD 25 million from both the tech entrepreneur and his wife Lyna Lam in XRP tokens to SFSU’s College of Business through RippleWorks, a private foundation that provides practical support to promising social entrepreneurs, has come as a real boon the University. Venesia Thompson-Ramsay, interim vice president for university advancement commented about the donation being made in crypto:
“This was a learning process for all of us because we never had to deal with any cryptocurrency before…But this will be the norm in 15, 20 years and this gift is allowing us to be part of this cutting-edge, new economy.”
The XRP donation made in November has been prone to market fluctuations but Larsen has committed to ensuring the SFSU get the full amount, having made USD 3 million in cash and promising to make up the difference. Currently, due to financial regulations, the university is liquidating the money donated so far through cryptocurrency exchanges, to have USD 7.5 million sitting in its bank account.
The donation will finance an endowed chair in fintech and fund the Lam-Larsen Fund for Global Innovation, which will support students studying cryptocurrency and other digital financial services. Last year, Ripple pledged USD 50 million to 17 universities around the world to further the study of digital finances.
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