Ripple pledged $100,000 of its XRP currency to assist in relief efforts for the victims of California’s devastating wildfires.
A statement dated Jan. 14, stated that this donation was made to World Central Kitchen, and GiveDirectly. These two organizations provide meals to the affected and offer financial aid.
The Giving Block was used to facilitate the firm’s donation. This initiative demonstrates how cryptocurrencies are increasingly being used in humanitarian aid.
Jared Isaacman (CEO of The Giving Block, the parent company of Shift4) has committed to matching donations dollar for dollar up to a maximum of $1 million with a goal of raising $2 million total by January 15.
So far, contributions have exceeded $332,000 as of press time, according to The Giving Block’s dashboard.
This is the second time the company has made a significant donation to help with disaster relief in California. MoonPay teamed with the firm to give $50,000 in RLUSD to the Los Angeles Fire Department Foundation (LAFD).
California’s wildfires that began Jan. 7 have destroyed parts of Los Angeles, and the surrounding areas.
Low humidity and extended droughts, as well as hurricane force winds have made the situation worse. LAFD is working hard to control the fires. But the devastation has forced nearly 200 000 residents to flee.
The legal challenges continue
Ripple’s philanthropic activities come as the company navigates its ongoing legal battle with the US Securities and Exchange Commission (SEC).
Ripple is accused of raising $1,3 billion by selling XRP tokens without registering them.
Ripple achieved a partial victory when a 2023 judge ruled against its programmatic XRP sale. However, the SEC’s last-minute appeal has prolonged the case, introducing additional complexities.
Ripple’s legal team, led by Stuart Alderoty, has criticized the regulator’s actions as unnecessary delays that waste taxpayer funds. He said:
“We asked the SEC to agree to postpone the filing of their opening brief in their appeal of our victory (current deadline Jan 15) – and they refused. What a waste of time and taxpayer dollars!”
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
