Ripple has been donating to nonprofits during 2020 as the COVID-19 crisis hit the entire world. The company has donated over $1.1 million to the COVID-19 Tipping Point, a nonprofit located in the Bay Area that is fighting against Coronavirus, according to reports.
Moreover, they have also decided to give $100,000 to the Silicon Valley Community Foundation (SVCF), also a COVID-19 emergency fund. Furthermore, with Chris Larsen – Ripple’s founder – they have donated $1 million to five local food banks.
The entire XRP community has been very open to donating funds to a wide range of organizations and initiatives. Even Ripple employees have been pushed to support local communities.
The main goal is to help fight the Coronavirus expansion and provide the necessary resources for these nonprofits to perform their work as they should.
Furthermore, with its services offered to hundreds of companies and thousands of clients all over the world, Ripple is reducing transaction fees and times for cross-border payments. This is certainly useful for individuals that are facing challenges to send and receive money across borders during the current pandemic.
With the XRP cryptocurrency, it is also possible to reduce the impact that the virus had on individuals that were sending remittances to their home countries. By using the XRP digital asset, transfers take just some seconds and fees are minimal.