The $25 million in XRP cryptocurrency donation came from alumnus Chris Larsen and his wife Lyna Lam’s Rippleworks, a nonprofit foundation launched in 2015, to support the “Lam-Larsen Fund for Global Innovation” and two endowed chairs.
The University has also announced that it will change the name of College of Business to the “Lam Family College of Business,” and that the gift will propel the school in the direction of making students change-makers of the local and global entrepreneurial world.
“This groundbreaking gift will position the College of Business as an evolving, distinctly diverse and industry-relevant epicenter of business innovation and entrepreneurship,” Leslie E. Wong, university president, said.
“Chris, Lyna, and Rippleworks are innovators, and their gift will inspire our students to creatively and strategically approach the business and tech landscapes to become the next generation of entrepreneurs and global business leaders.”
Larsen, who is a graduate of the College of Business and co-founder of Ripple, a global blockchain company, has supported past initiatives at the university as well.
Last year, the university received a similar gift from alumni George and Judy Marcus to support the College of Liberal & Creative Arts, including its renowned School of Cinema and its Department of Creative Writing.