By Chris Larsen, the co-founder and executive chairman of Ripple, along with his wife Lyna Lam and the non-profit foundation Rippleworks recently donated an outstanding $25 million in XRP assets to San Francisco State University.
San Francisco State University announced the news on Friday, claiming that the generous donation is the “largest gift ever made in a digital asset” to a tertiary education institution in the United States.
The university’s new funding will be allocated to the institutions College of Business to support students in becoming “changemakers of local and global entrepreneurial and fintech ecosystems.”
President of San Francisco State University, Leslie E Wong stated:
“This groundbreaking gift will position the College of Business as an evolving, distinctly diverse and industry-relevant epicentre of business innovation and entrepreneurship.”
Furthermore, the generous donation will also fund two new permanent faculty chairs the Rippleworks Endowed Chair for Innovation & Entrepreneurship and the Lam-Larsen Endowed Chair in Financial Technology as per a statement released on Friday by The College of Business. These new chairs will aid in the college’s focus on entrepreneurship, commercial incubation, financial technologies and digital currencies, according to the to statement.
To honour the donation, the university also announced that it would be renaming the College of Business to Lam Family College of Business. This is of course, pending approval from the California State University Board of Trustees, as per the announcement.
The university has also raised funds through its “BOLD Thinking” funding campaign, which has, so far, reached over $136 million of its $150 million benchmark.
Campaign chair John Gumas added:
“The pace of this campaign has exceeded our expectations, but not its reach.”
XRP, is the world’s third-largest cryptocurrency by market capitalization and is currently trading at around $0.36 per coin.
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