- Ripple will donate $250,000 in XRP and match all crypto donations 2:1 up to $750,000 to aid those affected by the earthquake in Turkey and Syria.
- Four NGOs will benefit from Ripple’s donation including CARE, World Central Kitchen, Mercy Corps, and IRC.
- Other contributors from the crypto community have also donated to relief efforts with Vitalik Buterin donating 99 ETH and Tezos launching #TezQuakeAid initiative.
Ripple, the company awaiting a legal decision from the US Securities and Exchange Commission (SEC), announced on February 16 it would provide funds for victims of the recent 7.8-magnitude earthquake in Turkey and Syria.
The company will donate $250,000 worth of XRP and match all crypto donations 2:1 up to $750,000. Members of the crypto community united to donate to earthquake relief, and Ripple played a massive role in the charity. The death toll from the 7.8-magnitude earthquake that struck on February 6 has since risen above 36,000.
Four NGOs will benefit from Ripple’s donation: CARE, World Central Kitchen, Mercy Corps, and the International Rescue Committee (IRC). CARE provides food, shelter, and other utilities, while the World Central Kitchen gives hot and fresh meals in partnership with local cooks and restaurants. Mercy Corps has continued its work in Syria to deliver relief goods since 2008. IRC provides cash assistance, health services, and refuge for women and children.
Ethereum co-founder Vitalik Buterin donated $150,000 worth of ETH to Ahbap NGO. He followed it up with an additional $75,000 price of ETH to Anka Relief. The Tezos community formed the #TezQuakeAid initiative, which raised 50,000 XTZ. Tezos Foundation has expressed support for this transfer as well.
Ripple vs. SEC Continues
Ripple has had a long history with the SEC, and in December 2020, the SEC filed a lawsuit against Ripple, alleging that its sales of XRP from 2013 to 2020 violated US securities laws. The company has denied any wrongdoing and is fighting the charges.
This has caused platform users to be more cautious in their use of digital assets as uncertainty still looms over its status as an investment vehicle. Since then, several exchanges have delisted XRP amid regulatory concerns and pending legal outcomes. To further complicate matters, Ripple has also been faced with multiple class-action lawsuits related to its activities with XRP.
Ripple’s relationship with US regulators shifted even further in January 2021 when they announced they had hired two former SEC lawyers who were consultants for private companies subject to investigations by SEC and other regulatory agencies. This suggests that Ripple is taking steps towards remedying their situation at the hands of US regulatory institutions.
The stakes are high for both parties involved. Should Ripple’s case be settled or dismissed, it would be a significant milestone for the crypto industry, given its immense influence. Conversely, any unfavorable outcome could have far-reaching implications for Ripple and XRP holders seeking clarity on their investments moving forward.
