Chris Larsen, co-founder of blockchain technology company Ripple, his wife Lyna Lam, and Rippleworks (a nonprofit foundation launched by Larsen and another Ripple co-founder Doug Galen) have jointly donated $25 million worth of Ripple’s native token XRP to San Francisco State University (SFSU)’s College of Business. The gift is one of the two largest made to the university in its history, and SFSU believes it is also the largest donation ever made in cryptocurrency to an American university to date.
The donation was made to SFSU’s College of Business, of which Larsen is an alumnus. Several of Lam’s family members have also attended SFSU before. Both Larsen and Lam are described by SFSU as being its “longtime supporters”.
SFSU plans to rename its College of Business to the “Lam Family College of Business”, pending approval from the California State University Board of Trustees. The money will also go towards the “Lam-Larsen Fund for Global Innovation” in support of student learning in local and global ecosystems in entrepreneurship and fintech.
“This groundbreaking gift will position the College of Business as an evolving, distinctly diverse and industry-relevant epicenter of business innovation and entrepreneurship. Chris, Lyna and Rippleworks are innovators, and their gift will inspire our students to creatively and strategically approach the business and tech landscapes to become the next generation of entrepreneurs and global business leaders,” SFSU President Leslie Wong said.
The donation is in line with Ripple’s social impact program “Ripple for Good” launched last September in partnership with RippleWorks. Its aim is to raise $25 million from the company and $80 million in donations to invest in education and financial inclusivity.
Ripple has made such academic donations before. Last June, its University Blockchain Research Initiative gave $50 million to 17 different universities around the world to support education in the areas of blockchain and crypto. Ripple also donated $29 million in XRP last March to public schools in the US to better equip over 30,000 classrooms nationwide.
XRP is at present the third largest altcoin around by market capitalization.