Ripple Donates $100K in XRP to California Wildfire Relief Effort

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Ripple Labs Inc, a company specializing in blockchain payments, has donated $100,000 worth of XRP to aid California wildfire victims. The current value of XRP is approximately $2.67. In the last 24 hours, the volatility of XRP was 5.6%, and its market capitalization stands at around $153.46 billion, with a 24-hour trading volume of $7.41 billion.

In a notable announcement, the San Francisco company revealed its intention to contribute funds to The Giving Block, a charitable organization based in Pennsylvania. Notably, The Giving Block simplifies the process of accepting cryptocurrency donations for various nonprofit organizations.

In the recent span of a week, I’ve made a significant contribution to the cause, with Ripple stepping forward, following The Giving Block’s announcement of a potential $2 million fund aimed at supporting Los Angeles residents, businesses, and frontline workers.

California Wildfire Triggers Multiple Losses

Remarkably, California wildfires persisted for several days, leading to tragic loss of life and destruction of properties for numerous residents. As a result, many individuals have been forced to leave their homes. The financial damage from these fires is estimated to be around $200 billion, making it the costliest fire disaster in the history of the United States.

Ripple is generously contributing $100,000 worth of XRP, via The Giving Block, to World Central Kitchen and GiveDirectly for the purpose of assisting in disaster relief from the California wildfires.

Thanks to @rookisaacman, our donation will be doubled.

You can help families and first responders too. Your crypto, cash and stock…

— Ripple (@Ripple) January 14, 2025

Four days ago, Ripple contributed $50,000 of its newly-created RLUSD stablecoin to the Los Angeles Fire Department Foundation (LAFDF). The company made this donation to aid first responders. Several sectors, such as the entertainment industry, have experienced repercussions from the recent outbreak. In fact, the Academy has been forced to delay announcing Oscar nominations.

Sony Music Group and Universal Music Group (UMG) have decided to call off all Grammy-related activities in order to redirect resources towards assisting those affected by the wildfires in California. Other significant corporations, including Airbnb, Walmart, Disney, and many more, are also contributing to the relief efforts for the California wildfires. Notable celebrities have generously donated funds to aid in this disaster recovery as well.

One notable individual is actress Eva Longoria from “Desperate Housewives,” known for her generous donations totaling millions of dollars. In a manner reminiscent of actions taken during the COVID-19 pandemic in 2020, Ripple’s recent steps mirror these charitable endeavors.

In that particular moment, Ripple Labs generously contributed $100,000 to two distinct non-profit organizations: Tipping Point Emergency Response Fund and the Silicon Valley Community Foundation’s COVID Regional Response Fund, each receiving an equal amount of $100,000.

The fund was to help contain the spread of COVID-19 when many homes were in distress. 

Ripple and Political Campaigns Financing 

In the past few months, Ripple hasn’t just aided in pandemics and wildfire relief efforts; it has also financially supported various political campaigns.

In July 2024, the blockchain payments infrastructure provider made a donation of one million dollars towards John Deaton’s Senate campaign. This generous contribution from Ripple aims to support Deaton in his efforts to contest and possibly defeat Senator Elizabeth Warren.

As a dedicated crypto investor, I’ve noticed that for quite some time, Sen. Warren has been a vocal critic of our industry. In her role as a member of the Senate Banking Committee, she appears to be playing a significant part in Operation Chokepoint 2.0, an initiative aimed at cutting off banking services to crypto companies.

The objective of this Chokepoint strategy is to limit the transfer of funds from conventional banking systems towards the cryptocurrency sector. Advocates within the industry have suggested that this individual could potentially oversee restrictions against financial institutions supportive of cryptocurrencies, such as Silvergate, which recently filed for bankruptcy.

Lately, she urged the incoming Treasury Secretary, Scott Bessent, to think about broadening the regulatory authority regarding the cryptocurrency sector.

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2025-01-15 01:48