Pop icon Madonna is getting into the cryptocurrency game. According to a report by Crypto Daily, the superstar will partner with ripple (XRP) in efforts to raise donations for a charity, which assists orphaned children in Malawi. Called Raising Malawi, the charity has deep ties to Madonna since its inception. Ripple indicated plans to match donations made to the charity through the end of August.
The fundraising partnership will make use of Facebook Inc.’s (FB) charitable giving tools, according to a post on Madonna’s Facebook page. Extending from July 30 through Aug. 31, the charity makes use of the tools because they “charge no processing fees, meaning 100% of every contribution goes directly to Raising Malawi’s work at Home of Hope orphanage, located in a rural, high-need area of Malawi.”
The post continues, “the international payment firm ripple has announced it will be matching all donations to Madonna’s fundraiser.” Ripple will contribute in XRP tokens, regardless of whether the donations that it matches are made in cryptocurrency or fiat money.
Target of $60,000
In just two days of fundraising, the project raised nearly half of its $60,000 target. Eric Van Miltenburg, SVP of business operations at ripple, indicated that his company is “honored to be a part of Raising Malawi’s amazing work with some of the world’s most underserved children and are grateful to our investors at Sound Ventures for making the introduction to us and this important cause.”
Interested donors can visit Madonna’s official donation page for additional information.
In the world of digital currencies, it’s much more common for fundraising efforts to be used to support initial coin offerings (ICOs). In these cases, funds are gathered from interested investors to support a new project like a crypto token or an application. While ICOs have been highly successful, they are also frequently the target of scams and fraud. Because ripple’s project involves a well-established player in the cryptocurrency game, and because investors are not contributing to the cryptocurrency developer directly (as might be the case in an ICO), many of the typical ICO concerns about legitimacy are easily resolved in this case.
Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns bitcoin and ripple.