Largest Crypto Donations

SFSU Receives One of the Largest Crypto Donations Ever Made to a US University

On Thursday, a business school of San Francisco State University (SFSU) announced that it had received one of the largest cryptocurrency donations ever made to a US university from Ripple co-founder Chris Larsen, his wife, and Rippleworks.

Chris Larsen was born in San Francisco, California, and he got his B.S. degree in accounting and business administration from SFSU in 1984. In 2012, he, with Jed McCaleb, co-founded FinTech startup OpenCoin, that got renamed to Ripple Labs after a year. Then, in February 2018, Forbes named him as “the richest person in cryptocurrency.”

As indicated by the announcement by SFSU, the University President ‘Leslie E. Wong’ told the 400 “civic, community and University leaders” being part of the event that San Francisco State University’s College of Business had got a $24 million gift from Chris Larsen, his wife Lyna Lam and Rippleworks. Rippleworks is a non-profit foundation launched in 2015 by Larsen and Doug Galen supporting high-growth social ventures across the world.

“This gift will apparently be largely made through the digital asset, XRP, and is believed to be the largest gift ever made in a digital asset to a university in the US. San Francisco State University intends to name the University’s College of Business the Lam Family College of Business, pending approval from the California State University Board of Trustees.”

The university said that Larsen and his wife had been longtime supporters of the university.

Wong said –

“This groundbreaking gift will position the College of Business as an evolving, distinctly diverse and industry-relevant epicentre of business innovation and entrepreneurship. Chris, Lyna and Rippleworks are innovators, and their gift will inspire our students to creatively and strategically approach the business and tech landscapes to become the next generation of entrepreneurs and global business leaders.”

As per the announcement on the “University Development” website of SFSU, Larsen said –

“SF State students have great potential because of their position. Most of the world is outside of this ecosystem, and they’re really trying to catch up. Being here in San Francisco gives SF State’s students amazing career opportunities. These funds are focused on guiding these students in becoming innovators, entrepreneurs and leaders, enabling them to become changemakers in business and their communities.”