Pop icon Madonna is entering the cryptocurrency game. According to a report by Crypto Daily, the superstar will collaborate with the ripple (XRP) in an attempt to collect donations for a charity, which assists orphaned children in Malawi. Called Raising Malawi, charity has deep ties with Madonna since its inception. Ripple has indicated plans to match donations made to charity until the end of August.
The fundraising partnership will use the donation tools of Facebook Inc. (FB), according to a Facebook post by Madonna page. Extending from 30 July to 31 August, the charity uses the tools because "they do not charge any processing fee, ie 100% of each contribution goes directly to the work of Raising Malawi at the orphanage" Home of Hope ", located in a rural area of great need in the Malawi area."
The post continues, "the ripple of the international payment firm has announced that it will match all donations to Madonna's fundraising." Ripple will contribute XRP token, regardless of whether donations are equivalent in cryptocurrency or legal tender.
$ 60,000 Objective
In just two days of fundraising, the project raised almost half of its $ 60,000 target. Eric Van Miltenburg, senior vice president of business operations, said his company is "honored to be part of Raising Malawi's amazing work with some of the world's most underdeveloped children and we are grateful to our Sound Ventures investors for giving us the presentation and this important cause. "
Interested donors can visit Madonna's official donation page for more information.
In the world of digital currencies, it is much more common for fundraising efforts to be used to support initial coin offerings (ICOs). In these cases, funds are raised by interested investors to support a new project such as a cryptographic token or an application. Although ICOs have been very successful, they are also often the target of fraud and fraud. Because the ripple project involves a well-established player in the game of cryptocurrency, and because investors do not contribute directly to the cryptocurrency developer (as might be the case in an ICO), many of the ILO's typical concerns about legitimacy are easily solvable in this case.
Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation of Investopedia or the writer to invest in cryptocurrencies or ICOs. Since the situation of each individual is unique, a qualified professional should always be consulted before making any financial decision. Investopedia does not make any representations or warranties regarding the accuracy or timeliness of the information contained in this document. On the date this article was written, the author owns bitcoins and ripples.