On March 6, the National Cryptocurrency Association (NCA) officially launched with the mission of raising awareness and educating the American public about cryptocurrencies. This nonprofit organization received a $50 million grant from Ripple, the company behind the XRP cryptocurrency.
The goal of the National Cryptocurrency Association
#NCA was established to help Americans better understand cryptocurrencies in the context of increasing demand for digital assets but still existing skepticism. This organization is committed to providing educational resources, support tools, and data on the level of cryptocurrency acceptance across the U.S.
NCA President Mr. Stuart Alderoty stated: "The question of whether cryptocurrencies will become mainstream is no longer about 'if it will happen' but 'when it will happen.' We want to give a voice to users at all levels and guide them on how to use cryptocurrencies responsibly."
The necessity of education about cryptocurrencies
Educating investors about cryptocurrencies is becoming increasingly important as the market continues to fluctuate. According to a study by an investment firm #CoinShares in Europe, about 80% of the 250 financial advisors surveyed said they would be willing to pay for training on cryptocurrencies.
In recent weeks, the cryptocurrency market has witnessed significant price and trading volume fluctuations due to the impact of global macroeconomic factors. According to CoinMarketCap, the trading volume of cryptocurrencies in the last 24 hours has decreased by 28%, down to $132.2 billion.
Ripple and the effort to legalize cryptocurrencies
Ripple is one of the major cryptocurrency companies actively promoting the legalization and raising awareness about this field. Ripple's CEO, Mr. Brad Garlinghouse, affirmed: "The opportunity for cryptocurrencies – especially in the U.S. – is greater than ever." He also emphasized the benefits of cryptocurrencies for investors.
In addition to funding the NCA, #Ripple is also involved in many lobbying activities to create a favorable legal environment for cryptocurrencies. Over the past year, this company has contributed $75 million to the Super PAC Fairshake to support former President Donald Trump in the 2024 presidential election.
Additionally, Ripple leaders have repeatedly worked with the U.S. Securities and Exchange Commission (SEC), the main regulatory body of the cryptocurrency industry. Recently, the SEC has taken a more open stance towards this industry, but the lawsuit between Ripple and the SEC has not yet been resolved. It remains unclear whether the SEC can withdraw the lawsuit as it has done with some other Web3 companies, including Coinbase, Gemini, and Yuga Labs.
According to data from CoinGecko, XRP is trading at $2.48, up 3% in the last 24 hours.
Conclusion
The $50 million grant from Ripple marks an important step in raising awareness about cryptocurrencies in the U.S. In a market still rife with volatility and skepticism, educational efforts from the NCA could help investors better understand cryptocurrencies and how to use them responsibly. At the same time, this move also shows that Ripple is actively promoting the legalization and expansion of cryptocurrency acceptance globally.
Risk warning: Investing in cryptocurrencies carries many risks and may not be suitable for everyone. Investors should do thorough research before participating in the market.