Ripple to Donate $1 Million in XRP to Earthquake Victims in Turkey and Syria
The ad payment network will fund the NGO rescuing the affected people. Binance, Tezos and Vitalik Biterin have also pledged their resources.
It is barely two weeks since a magnitude 7.8 earthquake struck parts of Turkey and Syria, resulting in the deaths of over 30,000 people and destruction of property. As a result, the crypto community is pulling resources to aid disaster victims.
Ripple is one of the companies donating to the rescue efforts in the affected areas. On February 15, the company announced relief funds to be paid in native XRP.
”We are committing $1 million in XRP to support NGOs providing earthquake relief in Turkey and Syria – via a relief fund at @crypto4charity and donating $250k in XRP, and will 2:1 match all crypto donations, up to $750.
The money will reportedly go to NGOs helping the victims, including CARE, Mercycorps, RESCUEorg, ChefsForTurkiye, WCKitchen, and @chefjoseandres. The organizations distribute cash, food items and hygiene supplies.
Tezos and Vitalik Buterin are also among the donors
Ripple, currently facing a lawsuit from the SEC, is one of many crypto firms and industry leaders pledging their funds. For example, peer-to-peer transaction blockchain Tezos has facilitated over 50,000 XTZ to the Tezos Foundation wallet, while the Emergency Earthquake Appeal, a fund from Binance Charity, has collected over $69,549.
Vitalik Bitarin has also become involved in relief efforts, most recently donating to several NGOs. Over the past few days, the co-founder of Ethereum has sent over 150 ETH to multiple organizations.
At press time, the XRP price was trading at $0.39, representing an additional 3% gain over the past day and a 2.85% loss over the past week. From the daily chart by TradingView, XRP faces immediate resistance at $0.39, above which the sentiment could turn bullish.
Even as the crypto community awaits the conclusion of Ripple’s case against the SEC, the latter has stepped up its surveillance in the industry. From cracking down on crypto staking and forcing exchange platform Kraken to halt service to Paxos halving its BSD stablecoins, US regulators have attracted scathing criticism from within and outside the industry.