The largest ever donation to an education institution has been made in the form of $25 million worth of XRP tokens to San Francisco State University, as reported on April 5, 2019.
To a Worthy Cause
As crypto becomes more and more mainstream, it crosses paths with the world of academia more often. Blockchain development is being offered as a course in universities all over the world from Gibraltar to Geneva and academic certificates are now being issued on blockchains by several institutions.
Most of these developments have, so far, been centered on making use of blockchain or studying it. Now, San Francisco State University has announced on April 5, 2019, that they have become the recipient of the largest ever donation to a university in the form of cryptocurrency. This is a step in showing crypto to the world of academia as not just something to be studied but a valuable form of currency as well.
Endowed With Crypto
The donation in question was made as part of the university’s “BOLD Thinking” campaign which seeks to raise funds for various programs, initiatives, and infrastructure. The goal of the campaign was $150 million, of which 91 percent has been raised, including two $25 million lead gifts: one to the College of Liberal & Creative Arts and one to the College of Business.
While Universities receive cash donations all the time, this round of fundraising also included a $25 million to the College of Business by alumnus Chris Larsen (B.S., ’84, Alum of the Year ’04), his wife Lyna Lam and Rippleworks. Rippleworks is a nonprofit organization launched in 2015 that supports various high-growth social ventures. The $25 million donation to the school will be made in the form of XRP, which is the native digital token of Ripple. This marks the largest ever donation made to a university in the form of a digital asset and will also help push digital assets to the forefront of charitable giving.
In honor of their donation, it has been announced that the University’s College of Business will be renamed the Lam Family College of Business after approval is given by the California State University Board of Trustees.
Hopefully, this will set a new standard in which cryptocurrency will be given to various institutions as donations, in a bold new step towards widespread adoption.