Ripple Labs Donating $5 Million to Aid Against Coronavirus Pandemic

Ripple Labs, the team behind the XRP cryptocurrency, is donating $5 million to Bay Area food banks. This, of course, is to help those struggling during the current pandemic.

Two groups set to receive these funds are Loaves & Fishes and the Second Harvest of Silicon Valley, according to The Mercury News.

According to an official release from Ripple:

“To start, we are giving back in the Bay Area–food scarcity is dramatically increasing for tens of thousands in the wake of job losses, business closures and overdue rent payments. In response, Ripple and its cofounder Chris Larsen are donating $5M; $1M each to five food banks and meal service providers that are supporting families and individuals in the area.”

This is also a part of the group’s “Ripple for Good” initiative, and it will continue donating to fight this virus.

Ripple chose those groups based on the number of people they could assist.

In recent Ripple news, the group is suing YouTube for the video platform allowing scammers to impersonate CEO Brad Garlinghouse, as InsideBitcoins has previously reported on.

An excerpt from the accusation states:

“The Scam has also irreparably harmed Ripple’s brand and Mr. Garlinghouse’s reputation. By infringing on Ripple’s protected trademarks and misappropriating Mr. Garlinghouse’s image and likeness, the Scam fosters the false belief that Ripple and Mr. Garlinghouse are somehow associated with or to blame for the Scam (they are not), and introduces profound uncertainty and confusion into the broader digital asset market.”