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Ripple Labs is donating $200,000 to two different non-profits to help them amid teh spread of the COVID-19 at the time when scammers are looking for opportunities to cause problems too.
Ripple Labs has donated about $200,000 to help halt the spread of coronavirus. The blockchain startup indicated this in a recent tweet.
In these challenging times, Ripple is committed to being part of the global response to the COVID-19 pandemic. We’re starting in our own backyard with $100K donations each to @tippingpoint's COVID emergency response fund and @siliconvalleycf’s COVID Regional Response Fund. (1/2)
— Ripple (@Ripple) March 25, 2020
Ripple Makes Two $100k Donations while Coronavirus Is Spreading
Ripple is allegedly donating to the Tipping Point Emergency Response Fund and the Silicon Valley Community Foundation’s COVID Regional Response Fund. The donations total about $100,000 apiece.
Tipping Point is a San Fransisco California non-profit. Its aim is to break “the cycle of poverty in the Bay Area”. The non-profit does this by working with partners across the board. Donations are aimed at reaching those who matter the most.
According to its website the non-profit covers six main areas of activity: Grantmaking, Grantee support, Corporate Philanthropy, Research and Development, and Family Engagement. With the above areas covered, it should come as no surprise that Tipping Point came up with an initiative called “COVID-19” response. The initiative is aimed at “committing $1 million in addition to this year’s core funding to support our network of grantees working on the frontlines”.
This initiative has raised the bar in an area where about a quarter of the San Fransisco bay area is living at the poverty level. The Silicon Valley Community Foundation is aimed at helping those who have various problems within the Silicon Valley area. It was formed after a merger of the Peninsula Community Foundation and Community Foundation Silicon Valley in 2006.
The organization covers a wide range of activities in the non-profit sector. Ripple Lab’s Donation comes at a time when working remotely is key. The cryptocurrency startup ‘s workers are working remotely at this time. The company is also still working to enable its customers to use its products and services. Money remittances will be needed throughout this period.
Scammers Are on the Prowl
Different non-profit activities come at a time where fraud risks are also high due to the global-stay-at-home restrictions. Already, Ripple-related scams have started surfacing on the internet. Ripple CEO Brad Garlinghouse recently brought the attention of YouTube administrators to a Ripple scam сhannel.
Enough is enough — in a time of global crisis, when people are especially vulnerable — social platforms need to hold scammers (crypto and otherwise) accountable for stealing money from innocent victims with fake giveaways. (1/2) https://t.co/wxrF4J3JWu
— Brad Garlinghouse (@bgarlinghouse) March 25, 2020
Criminals, who are looking to cash in on the COVID-19 situation, have found ways to try and convince people on the legitimacy of their activities. The Ripple airdrop scam that Brad sought to shut down is one of many of such activities that are designed to hurt unsuspecting users.
On the legitimate side, several international non-profits are already in fundraising drives to raise support for combating the COVID-19 situation. The Italian Red Cross is already reportedly on a fundraising drive in Bitcoin to enable a frontline response to COVID-19. Binance the popular cryptocurrency exchange has also created its own ” crypto against the COVID campaign”. It also donated $1 million.