$29M worth of XRP going to a good cause. Great, cash out and make good use of it.
The cynic in me sees this as a cheap PR move (an SVP of marketing promoting it doesn't help). Associating your token with a good cause gives it credibility in the eyes of the public which in turn leads to an increase in the XRP price in USD. Here's what I understand about ripple:
- 100 billion XRP was created at inception with 20 billion going to the creators and 80 billion going to Ripple labs.
- It's supposed to be a payment layer between financial institutions and XRP is the underlying token.
- Distribution of XRP is arbitrary. Ripple labs can allocate it to whoever they see fit.
Donating $29M worth of XRP costs them nothing since Ripple labs holds 80 billion XRP. Only 40 billion XRP is currently in circulation though and XRP's price is currently $0.5. I don't know, I find Ripple quite ridiculous. But the silver lining is donations such as these.
The cynic in me sees this as a cheap PR move (an SVP of marketing promoting it doesn't help). Associating your token with a good cause gives it credibility in the eyes of the public which in turn leads to an increase in the XRP price in USD. Here's what I understand about ripple:
- 100 billion XRP was created at inception with 20 billion going to the creators and 80 billion going to Ripple labs.
- It's supposed to be a payment layer between financial institutions and XRP is the underlying token.
- Distribution of XRP is arbitrary. Ripple labs can allocate it to whoever they see fit.
Donating $29M worth of XRP costs them nothing since Ripple labs holds 80 billion XRP. Only 40 billion XRP is currently in circulation though and XRP's price is currently $0.5. I don't know, I find Ripple quite ridiculous. But the silver lining is donations such as these.