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Extravagant Generosity: OmiseGo and Ethereum Founders Donate $ 1 million In OMG

The founder of Ethereum Vitalik Buterin and OmiseGo founder, Jun Hasegawa, have aired they are donating the equivalent of $1 million USD in OMG tokens directly to refugees living in extreme poverty using GiveDirectly platform as the deliverer of the fund.

The donation is what analyst brand extravagant generosity and it is coming just at the same time Ripple donated Ripple $ 29 million worth in XRP to support public schools in US.

According to the statement broadcast by GiveDirectly, “The crypto economy has grown immensely over the last year, bringing a great deal of wealth to many people and organizations within the ecosystem. In part we simply see an exciting opportunity to share that wealth. We hope the fortunes made in the crypto space will lead not to extravagant lifestyles but to extravagant generosity.”

Speaking on the charity action, Omisego in a statement co-authored by GiveDirectly, Omisego, and Ethereum, says “this means delivering financial self-sovereignty through disintermediation. Blockchain technology offers the means to deliver this on a scale that has never been possible before, and OMG believes it can use those means to change the world for the better by decentralizing personal finance.”

In the same statement, Omisego says it is working to decentralize the means to own and wield purchasing power by creating a disintermediated system for storing, transferring and exchanging assets.

Commenting on the generosity, the statement made known that “more than 65 million (are) displaced from their homes…Many also find it difficult to re-enter the formal financial system as they lack appropriate local documentation. They are precisely the people we wish to see benefiting from the “unbanking” effect that OMG is designed to create. We’re excited to plug them back in, transfer funds, and let them get to work.”

A day before the donation was made known, GiveDirectly declared it has flagged off ‘Cash for Refugees’ to take care of the downtrodden in corners of the world since 2017 without a good turn out from people.

“Today, we’re launching a product to enable large cash transfers to refugees. We’re starting with Uganda, where despite very limited resources, more than 1.4 million refugees are being granted basic rights (like education, land, and the right to leave settlements or become a citizen). We kicked off a pilot in 2017 and are looking to scale significantly over the next year, with your help.”

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Ripple Donates $29M To Public Schools In US

Cryptocurrency, Ripple (XRP), has donated $29million to develop the United State public schools as a reply to over 35,000 funding appeals from teachers via DonorsChoose charity fund.

In a report by CNBC, the fund receiver is to convert the gesture into US dollars within two weeks due to the ongoing cryptocurrency volatility, and at the same time use the donation to refurbish over 30,000 classrooms across the US. The philanthropic act would effect changes in the lives of close to one million students “who will be given books, school supplies, technology, field trips, and other resources vital for learning through DonorsChoose.org,” Ripple made known in a statement to its community on March 27.

Charles Best, founder and CEO of DonorsChoose, says the gesture is “the largest donation of cryptocurrency.”

The third largest cryptocurrency by market capital took after some altcoins to donate in charity. Ethereum in collaboration with OmiseGO donated $1M tokens to African based charity, GiveDirectly. The gesture was also followed by Buterin, donating $2.4 M worth of Ethereum to the SENS Research Foundation. Also, Pineapple Fund donated $1M worth of BTC to the Internet Archive.

XRP is increasing in market capitalization. The cryptocurrency, which is an offshoot of Ripple, a standard financial company performing wonders in cross border transaction, is hoped to be the future of banking, after it moves to collaborate with over half of the world’s top bank in the next 5 years.

Ripple has collaborated with over 100 financial companies, among which are Western Union, MoneyGram. Ripple tools like xCurrent, xRapid, and xVia have been tested in different countries of the world.

One of the platform’s tools, xCurrent according to Saudi Arabian Monetary Authority (SAMA), is going to save the Middle East government of close to $400-$500 million it loses to high cost of transferring funds across the globe.

Ripple remain unmoved despite the stiff regulatory policy in China. The altcoin says it will do everything to get wide acceptance in China.