Of all the cases of economic espionage charged by the DOJ's National Security Division since 2012, more than 80% of them implicated China.World Politicsread more
"Whilst there is a big dispute at the moment, I think there's also potential for resolution," UBS chairman Axel Weber says of the U.S.-China trade negotiations.World Economyread more
Cryptocurrency fans will hope the futures contracts, which are federally regulated, can provide some much-needed legitimacy to bitcoin.Cryptocurrencyread more
Despite mixed fan and critic reactions to the final season of "Game of Thrones," the eight-season epic took home the top prize in the drama category at the Emmy Awards on...Entertainmentread more
There are alternative financial centers and investors can turn to Singapore, Tokyo or Shanghai if Hong Kong doesn't "shape up," says the founder and chairman of Citic Capital.Asia Economyread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
Tensions between South Korea and Japan may ultimately disrupt the high-end tech sectors, says Heenam Choi, CEO at South Korea's sovereign wealth fund.Traderead more
On Sunday, the 71st Primetime Emmy Awards honored the best comedies, dramas, limited and variety series from the last year.Entertainmentread more
U.S. President Donald Trump's national security advisor said on Sunday that White House Asia policy adviser Matt Pottinger would become his top deputy.Politicsread more
Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
Datadog went public on Thursday and instantly hit a $10 billion valuation, becoming the fourth cloud software debut to reach that level this year.Technologyread more
Cryptocurrency startup Ripple donated $29 million of its own digital currency XRP to support U.S. public schools, the company announced Wednesday.
The donation, which Ripple said is the largest-ever cryptocurrency gift to a single charity, fulfilled thousands of requests from public school teachers on the crowdfunding site DonorsChoose.org. The money will be used to buy classroom materials for more than 28,000 public school teachers across all 50 states, the company said in a statement.
Charles Best, founder and CEO of DonorsChoose.org, said he approached Ripple based on CEO Brad Garlinghouse's previous involvement with the foundation. He sent Ripple executives an email laying out the possible impact of fulfilling the teachers' requests.
"To my own shock, they said yes," said Best, who founded the charity 18 years ago. "It was mind-blowing that it would be the largest donation of cryptocurrency."
Ripple is officially the name of a San Francisco-based company developing a network for faster global financial payments. XRP is the name of the digital token that financial institutions on the network can use to transact quickly.
Ripple owns about 60 billion of the 100 billion XRP ever made, bringing its market cap based Wednesdays prices and its holdings alone close to $34.8 billion.
This is the biggest effort so far by the company to formalize a social good program, according to Monica Long, senior vice president of marketing. But she said to expect more, and a focus on education from the fintech company.
Ripple's XRP coin, the third-largest digital currency by market cap, traded near 58 cents as of 2:40 p.m. ET Wednesday, according to CoinMarketCap. The cryptocurrency is down more than 70 percent this year. All of the top 10 digital currencies by market cap have also fallen so far this year.
DonorsChoose.org agreed to liquidate the cryptocurrency into U.S. dollars over two weeks, according to Long, in the process trying to avoid affecting its market price. The charity's policy, which also applies to donated shares of a company, is to sell right away.
Ripple executives are not the first in the crypto community to use digital currency for philanthropy.
In December, as bitcoin was near its all-time high above $19,000, an anonymous donor set up an organization called Pineapple Fund to give away more than 5,000 bitcoin to various charities. The donor said he or she would distribute $86 million worth of bitcoin to those who applied through the site.