San Francisco State University Receives A $25 Million Donation In Crypto (56 Million XRP Tokens)
San Francisco State University Receives A $25 Million Donation In Crypto
The business school of the San Francisco State University benefited from a donation of $25 million that was paid in cryptocurrencies. Those in charge of the campus announced that they have received the largest donation made in cryptocurrency to a university in the country. The information was released by sfchronicle a few hours ago.
San Francisco State University Receives $25 Million In Crypto
The new donation was made by Chris Larsen, his wife Lyna Lam and also Rippleworks. The donation amounts 56 million XRP tokens and it was made back in November 2018. However, the 56 million XRP are now worth 18% less than back in November due to a price drop in virtual currencies.
The president of the Campus Les Wong explained that the donation will be transforming the College of Business without doubts and it will be expanding the financial education that it provides to students.
With this gift, the university will be paying for an endowed chair in financial technology and another in entrepreneurship, each of them for $8 million. The remaining $9 million will be used to initiate the Lam-Larsen Fund for Global Innovation.
It was not easy to accept the digital asset though. The university officials explained that in order for the donation to go through, they had to convert it into actual cash without flooding the market with millions of XRP.
At the same time, they were worried that a hacker could have access to the funds that the university had. XRP is one of the largest cryptocurrencies in the market and it has been used by different financial institutions in order to reduce costs and times of cross-border payments.
Larsen commented about the donation:
“We want to make sure that San Francisco State is at the cutting edge of financial technology.”
Larsen has also mentioned that virtual currencies are “like the second internet,” allowing users to move funds around the world as the internet allows data to cross borders.
At the time of writing this article, XRP is being traded around $0.359 and it has a market capitalization of $15.02 billion.