Thanks to the influx of new money brought on by cryptocurrency, a slew of investors as well as creators of virtual currencies are experiencing wealth the likes of which no one has seen before. Almost anyone could become millionaires overnight, and some actually did. Those who were lucky to invest a few of their dollars in bitcoin, are now reaping the rewards. Some, like Peter Saddington who bought bitcoin when it was only a few dollars worth, are now millionaires many times over. The prize Saddington gave himself for being an early bitcoin investor was an expensive Lamborghini. However, there are those who preferred to give back to the community the blessings they reaped from cryptocurrency.
Ripple donates $29 million to public schools
Ripple, a cryptocurrency and a digital payment network start-up, fulfilled the wish of DonorsChoose.org CEO Charles Best. When Best advised the San Francisco-based company via email to look into teachers’ requests for donations posted on the DonorsChoose website, he was ‘shocked’ to learn that Ripple said “yes” to the teachers’ requests. A total of $29 million worth of XRP – the name of Ripple’s official digital token – was donated by the company. According to Ripple, their donation was the largest given to a single charity. The money is set to be used to purchase classroom materials for more than 20,000 public school teachers in all of America’s fifty states.
Ugandan refugees receive one million dollars
Payment network OmiseGO, East Africa-based charity GiveDirectly, and Ethereum co-founder Vitalik Buterin pooled their resources together to donate one million dollars for Ugandan refugees. The money will be used in an experimental strategy that aims to give 12,000 grants to Ugandan families. So far, more than 4,000 families were recipients of $650. According to Catherine Diao, the head of communications of GiveDirectly, the donation is a new chapter in their company’s history. She stated, “While cash transfers have been used in humanitarian contexts before, this initiative is a significant departure from the status quo because we’re giving families transformative amounts of money versus small, subsistence amounts.”
Pineapple Fund’s philantrophy
Just as Satoshi Nakamoto – the self-proclaimed creator of bitcoin – is mysterious, so is Pineapple Fund. According to Wikipedia, Pineapple Fund is a largely anonymous philanthropic project aimed to give to charity more than 5,000 worth of Bitcoin. The mysterious donor who claimed to have began Pineapple Fund back in December 2017 was an individual named “Pine”. According to Pine, he or she is one of the 250 people who hold the largest number of Bitcoins in the world. The Pineapple Fund has since given out a slew of donations to various charities. It first gave out $1 million to Watsi, a non-profit healthcare platform that funds medical care for people in developing countries. Its largest donation of $5 million was each given to The Open Medicine Foundation (an organization that does research of chronic complex diseases to help patients live more full lives) and GiveDirectly .