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Truthful News for Cryptocurrency

Your honest source for all things blockchain and cryptocurrency

Ripple funds 42 Portland Public Schools Projects

Although it is the 3rd largest currency in total cryptocurrency market capitalization, ripple takes a lot of grief from the cryptocurrency community at large under claims it is a centralized currency that works much to closely with banks.

Despite this observation, ripple is one of the few currencies actually attempting to change the world in ways that matter.

On March 27, 2018 the company decided to finish the funding of every project listed on the website DonorsChoose.org, Among these were 42 project from Portland public schools.

Portland Public School received a total of $30,082 US Dollars of the total $29 million that Ripple donated.

These project varied in a number of areas. One thing was to help many of the teachers obtain Chromebook computers to use in their classrooms. Another was that one elementary school teacher, Beyoung Yu, was able to obtain a drone to help his students learn about aviation and educate in perimeter and area. One schools kindergarten class was able to obtain “wobble stools” which are said to help young children focus better.

DonorsChoose is a website that is similar to other fund-raising websites except only teachers from public school are able to propose projects for funding and those projects are verified. For example, the drone project had set a goal of $1,362. After submitting the project, DonorsChoose reviewed it and verified the price of a drone before listing. On unnamed individual had donated some to the project matched by Verizon, and the Ripple funded the remainder.

What made the drone project so special is that typically a title 1 school of mostly students from low-income families, cannot receive the type of funding required for such projects.

Another school was able to obtain iPad mounts, a green poster board and modeling clay for a class of fifth-graders so they could make stop motion animation videos.

Yet another school, this time a middle school, was able to obtain building blocks and Snap Circuits as a way to engage school students in engineering projects.

The question is, will such things be possible in the future with projects funded by Initial Coin Offerings (ICOs) in the United States. The United States Security Exchange Commission is trying to consider all ICOs as security based investments. In doing so, companies like ripple who raise funds through an ICO would not be able to use funds raised from said investors to donate to such projects.

Companies are certainly not restricted from using their own profits to engage in such donations, however money that is considered invested is an entirely different matter because investors money, belongs to the investor and is only granted to the company for use of company related projects and growth.

Such donations would not be allowed using money raised in an ICO.

Perhaps it is time for American’s to start contacting their district representatives and explaining to them, cryptocurrency and cryptotokens are not investments but rather the purchase of a product and demanding that the SEC’s oversight of the industry be brought under review for misrepresentation of the intent of security laws within all blockchain space.

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