Ripple, a blockchain company headquartered in San Francisco, has generously donated $100,000 worth of XRP to aid in California wildfire relief efforts. The donated funds will be channeled towards supporting nonprofit organizations such as World Central Kitchen and GiveDirectly, which furnish meals to first responders and offer direct financial assistance to those impacted by the calamity. The management of this contribution will be overseen through The Giving Block, a platform facilitating charities in accepting cryptocurrency.
The raging wildfires have resulted in extensive devastation, leading to the displacement of thousands, destruction of over 12,000 structures, and the loss of at least 24 lives. The economic toll is estimated to range between $250 billion and $275 billion, marking it as one of the most financially burdensome wildfire outbreaks in U.S. history. Notable regions like Malibu and other high-end neighborhoods have borne significant repercussions. In response, President Joe Biden has announced a one-time payment of $770 to aid the affected individuals in their recovery efforts.
Prior to this recent act of philanthropy, Ripple had previously donated RLUSD towards wildfire relief. Just last week, Ripple pledged $50,000 of its stablecoin RLUSD to the Los Angeles Fire Department Foundation (LAFDF), offering support to the frontline first responders. The Giving Block, in collaboration with Ripple for this donation, is matching contributions on a dollar-for-dollar basis up to $1 million, effectively doubling the impact of donations aimed at wildfire relief.
Ripple has a proven history of backing diverse causes, having extended a $200,000 donation to nonprofits aiding communities in need during the COVID-19 pandemic. Additionally, Ripple allocated $1 million to John Deaton’s Senate campaign, aiming to challenge Senator Elizabeth Warren, a prominent critic of the cryptocurrency industry.
Beyond Ripple’s contribution, several other corporations and individuals have also stepped forward to assist in the wildfire recovery efforts. Companies like Airbnb, Walmart, Disney, and Verizon have made significant contributions. Furthermore, the entertainment sector has played a part, with Sony Music Group and Universal Music Group canceling Grammy-related events to redirect resources towards wildfire victims. Noteworthy personalities such as Eva Longoria have made substantial donations to support relief endeavors.
Amid its charitable endeavors, Ripple is also making strides in the cryptocurrency market. Recently, XRP’s price surged by 5% on Tuesday, with analysts from JP Morgan predicting that XRP ETFs could draw up to $8.4 billion in inflows within the initial year if approved by the SEC. Ripple’s XRP token is currently eyeing a price target of $2.86, inching closer to its all-time peak of $3.84 back in 2018.
Presently entangled in a legal dispute with the U.S. Securities and Exchange Commission (SEC), Ripple is awaiting the SEC’s submission of an opening brief on Wednesday as part of its appeal in the Ripple vs. SEC case. Stuart Alderoty, Ripple’s chief legal officer, mentioned that the company had requested an extension for filing, which the SEC declined. Failure on the SEC’s part to submit the brief by the deadline would uphold the previous ruling, which favored Ripple.