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Ripple Donates $100k in XRP to Help California Wildfire Victims
In a significant move, blockchain company Ripple has donated $100,000 worth of its cryptocurrency XRP to support the relief efforts for the devastating wildfires that have ravaged California. The donation will be managed through The Giving Block, a platform that enables charities to accept cryptocurrencies.
The wildfires, which began last week, have caused unprecedented destruction, displacing thousands of people, destroying over 12,000 structures, and claiming at least 24 lives. The economic loss is estimated to be between $250 billion and $275 billion, making this one of the most costly wildfire outbreaks in U.S. history.
Ripple’s donation is not its first effort to aid in wildfire relief. Last week, the company donated $50,000 worth of its stablecoin RLUSD to the Los Angeles Fire Department Foundation (LAFDF), supporting the work of first responders on the frontlines.
The Giving Block, which Ripple partnered with for this donation, will match contributions dollar-for-dollar up to $1 million, effectively doubling the impact of donations made for wildfire relief.
Ripple has a history of philanthropy, having donated $200,000 to nonprofits aiding communities in need during the COVID-19 pandemic. Additionally, the company recently contributed $1 million to John Deaton’s Senate campaign, aiming to challenge Senator Elizabeth Warren, a known critic of the cryptocurrency industry.
Other companies and individuals have also stepped up to help with the wildfire recovery efforts. Airbnb, Walmart, Disney, and Verizon have all made contributions. The entertainment industry has responded as well, with Sony Music Group and Universal Music Group canceling Grammy-related events to redirect resources to aid the victims.
Notably, Ripple’s XRP token saw a significant price surge following the news of its donation. In the last 24 hours, the XRP price rose by an astonishing 12%. According to analysts at JP Morgan, if approved by the SEC, XRP ETFs could attract up to $8.4 billion in inflows within the first year.
In related news, Ripple is currently engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC) regarding its XRP token. The SEC plans to file an opening brief on Wednesday as part of its appeal in the Ripple vs. SEC case. Unfortunately, Ripple’s chief legal officer Stuart Alderoty has stated that the company requested an extension for the filing, but it was rejected by the SEC.
Source: coinchapter.com
