KaJ Labs Founder, Joel Kasr, knows firsthand the inherent challenges faced by African-Americans trying to secure startup funding and resources needed to grow their companies. He’s helping to change that paradigm by awarding $50 million over the next 10 years to African-American non-profits. The company is also offering free resources such as hosting and development services to African-American tech startups.
KaJ Labs Foundation has a philosophy of social responsibility and will donate $5 million towards Ripple Labs’ legal defense fund against charges filed by the SEC. Ripple Labs created a network that provided fast, low-cost value transfer in the form of XRP cryptocurrency. The XRP cryptocurrency paved the way for innovations such as Lithosphere.
The SEC claims that selling XRP is the offering of an unregistered currency, or an illegal IPO. The litigation is now a benchmark case that amply demonstrates the lack of clarity in regulation surrounding cryptocurrencies.
This isnt the last company that will donate to Ripple’s legal defense. Ripple is on trial for all of crypto, not just XRP.