Tech Entrepreneur Gives $25M in Cryptocurrency to Alma Mater - NBC10 Boston

Tech Entrepreneur Gives $25M in Cryptocurrency to Alma Mater

His SF-based company last year announced plans to donate $50M to 17 universities around the world to further the study of digital finances

Find NBC Boston in your area

Channel 10 on most providers

Channel 15, 60 and 8 Over the Air



    Tech Entrepreneur Gives $25M in Cryptocurrency to Alma Mater
    San Francisco State University students exit the Muni station and enter the campus at 19th and Holloway Avenue, the main campus entrance.

    A tech entrepreneur and his wife have made a very Silicon Valley donation to his San Francisco alma mater — $25 million, mostly in cryptocurrency.

    The gift from Chris Larsen, founder of cryptocurrency company Ripple, and his wife Lyna Lam, to San Francisco State University is already giving officials an education in digital financial services.

    Venesia Thompson-Ramsay, interim vice president for university advancement, said Friday the November donation came in as about 56 million XRP — one of thousands of digital-only currencies.

    Its value has fluctuated since then. Larsen, who donated $3 million in cash, has guaranteed his alma mater he will make up the difference until the school has the promised $25 million.

    Footage Shows Mom's Pleas as Baby is Rescued From Hot Car

    [NATL] Footage Shows Mom's Emotional Pleas After Baby Rescued From Hot Car

    Police released footage of a mother who said she accidentally left her 5-month-old in a car for half an hour in a Goodyear, Arizona, parking lot when she, her sister and other daughter went into the store. Officers are heard on camera saying it was about 99 degrees outside. 

    (Published Thursday, Aug. 22, 2019)

    "This was a learning process for all of us because we never had to deal with any cryptocurrency before," Thompson-Ramsay said. "But this will be the norm in 15, 20 years and this gift is allowing us to be part of this cutting-edge, new economy."

    Because of financial regulations, Thompson-Ramsay said the university is slowly liquidating the digital money. So far, it has $7.5 million in its bank account from cryptocurrency exchanges.

    The donation will pay for an endowed chair in financial technology and another in entrepreneurship and fund the Lam-Larsen Fund for Global Innovation, which will support students studying cryptocurrency and other digital financial services

    Larsen graduated from the College of Business. His sisters-in-law and several other relatives also attended the university.

    His San Francisco-based company last year announced plans to donate $50 million to 17 universities around the world to further the study of digital finances.

    SF State said it plans to name the University's College of Business the Lam Family College of Business, pending approval from the California State University Board of Trustees.

    Campaign Teaches Bystanders to Save Lives During Shootings

    [NATL] 'Stop the Bleed' Campaign Teaches Bystanders How to Save Lives During Shootings

    There's a renewed push for first aid training following the recent mass shootings in El Paso and Dayton—specifically training in techniques that slow or stop heavy bleeding. The training itself is just five steps. 

    (Published Thursday, Aug. 22, 2019)