Ripple Grants $50 Million to Nonprofit Aiming to Raise US Crypto Awareness

The National Cryptocurrency Association, a nonprofit that aims to “demystify” cryptocurrencies for U.S. consumers, debuted Wednesday amid growing demand for digital assets but also uncertainty about what they are.

In a statement, the NCA, which received a $50 million grant from Ripple, will offer educational resources and other tools to help investors better understand the digital asset market, in addition to providing data about crypto adoption nationwide. 

“Crypto going mainstream is no longer a question of ‘if’ but ‘when’,” NCA President Stuart Alderoty said Tuesday in the statement. “We’re giving a voice to users from all walks of life and serving as a guide for how to use crypto responsibly.”

The venture comes as some investors flock to cryptocurrencies but others remain wary about its weaknesses and would like to learn more. A study of 250 financial advisors released earlier this year by the Europe-based investment firm CoinShares found that about eight in 10 participants said they would be willing to pay for crypto education. 

Crypto trading volumes and price have fluctuated wildly in recent weeks amid global macroeconomic uncertainties with volume slumping 28% to $132.2 billion in the past day, according to data provider CoinMarketCap. Ripple has been among several major digital asset companies that have been looking to raise awareness and legitimize crypto.

“The opportunity for crypto–especially in the US–is now stronger than ever,” Ripple CEO Brad Garlinghouse said in a statement, noting its “positives” for many investors. 

The XRP issuer injected $75 million into pro-crypto super PAC Fairshake over the course of a year to help Donald Trump with the 2024 Presidential election. . 

Ripple executives have also met several times with the crypto industry’s primary regulator, the SEC, which has taken an increasingly pro-crypto stance in recent weeks. However, the agency’s longstanding lawsuit against the firm still stands, and it is unclear whether the SEC will dismiss the case as it has enforcement actions against other Web 3 players such as Coinbase, Gemini and Yuga Labs.

XRP was recently trading at $2.48, up 3% over the past 24 hours, crypto markets data provider CoinGecko shows.

Edited by James Rubin