The spread of coronavirus has had a debilitating impact on the lives of millions of people across the globe. Reports also added that in the US alone, one in ten people has lost their jobs in the last three weeks.
To ensure that a few citizens can receive some form of support during these trying times, Ripple and its co-founder Chris Larsen have announced their intention to donate to the COVID-19 relief fund. The $5 million donations were seen as a way for public sources to channel capital and obtain essential resources for citizens.
Ripple stated that people at the grassroots level need to be taught so that society as a whole does not crumble. Ripple for Good, which is the charity and goodwill wing of the tech company, has added that it will continue to donate funds and campaigns that are at the forefront of the fight against the virus. At the moment, the virus has led to widespread fear and uncertainty among the masses with some places even witnessing racial divides.
Just this week, the number of global coronavirus cases crossed the 2 million mark. The startling fact about this milestone was that the number had doubled in the span of just 12 days. As tests become cheaper and more people are checked, the number is only expected to grow exponentially over the coming weeks. Efforts taken by companies such as Ripple was appreciated by a system trying to safeguard citizen safety.
Ripple’s latest venture will look to tackle food scarcity in the Bay Area where one in five people have less than $400 in their bank accounts. An official release from Ripple said:
“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.”
The company has chosen the five services by looking at the range as well as the number of people they will be able to help. One of the food banks supported by Ripple was the Alameda County Community Food Bank, where every dollar donated provides two meals for vulnerable families in the county. Loaves and Fishes Family Kitchen was selected because of its history with charitable food work. Since the kitchen was founded, it has provided meals worth $6.5 million to low-income families.
Ripple has also contributed to the Silicon Valley Community Foundation [SVCF]. The SVCF was responsible for amassing funds to help non-profits and small businesses in the Bay Area counties. Ripple’s involvement with the SVCF was seen as a positive marker for bolstering relief funds. The cryptocurrency company recognized that everyone needs to step up to help those in need.
The Ripple Insights blog appreciated the efforts made by technology companies in the fight against the coronavirus. Google has already donated a million dollars to families in the Bay Area with Alphabet CEO Sundar Pichai donating another million. Paolo Alto resident Apple was another major contributor to the relief funds, donating $15 million with additional contributions from employees.
