Ripple, the San Francisco-based payment giant has donated $10 million to Mercy Corps, to support the course of expanding financial inclusion and increasing economic empowerment across the world.
The Fintech made this known in a blog post published on 15th October 2020. The report explains what made Ripple supports the expansion of financial inclusion globally.
The blog post reads in part as follows:
“The existing financial system is antiquated, broken, and poorly designed to serve the needs of those in emerging markets, which are too often overlooked by financial service providers. As the pandemic spurs an increasing shift toward digital payments, the number of those without access to affordable financial services is only growing. There is much at stake.”
Ripple Introduced Ripple for Good
Ripple introduced its social impact program, Ripple for Good, on 27th September 2020, with the aim of focusing on projects related to education and financial inclusion.
At that time, Ripple’s Head of Social Impact, Ken Weber said,
“When we reflected on the unique role Ripple could play from a social impact standpoint, we kept landing on the idea that the benefits of these new technologies should reach as many people as possible.
“If we are truly committed to transformative global change, we will work to help ensure that innovations in banking and global payments are available everywhere to everyone, among unbanked and underbanked populations and in economies and economic sectors that serve the greater good. Our goal is to deliver on the promise of an Internet of Value for all.”
In the blog post, Ripple further states that it would collaborate with RippleWorks, nonprofit that supports social ventures, such as financial inclusion and education, across multiple sectors.
Ripple for Good is planned to “learn from – and build on – RippleWorks’ experience addressing financial exclusion around the world” by “identifying organizations and initiatives to support as well as engaging Ripple’s employees in hands-on volunteer project work.”
Ripple Rebranded Ripple for Good to Ripple Impact
To make the vision more clearer for success, Ripple rebranded Ripple for Good to Ripple Impact on 5th October 2020.
Through the program, Ripple collaborates with various NGOs, Universities, and industries to bring the 1.7 billion unbanked adults into a modernized global financial system, which utilizes the promise of financial technology.
“Ripple Impact, formerly called Ripple for Good, partners with mission-driven organizations to create greater economic fairness and opportunity for all—through research, education and philanthropy. In concert with the University Blockchain Research Initiative (UBRI), Ripple Impact is a natural extension of Ripple’s products and services.”
Ripple Donates $10 Million Expand Financial Inclusion
On 15th October 2020, Ripple stressed the reason why it donated $10 million to Mercy Corps:
“Among NGOs, Mercy Corps is a proven leader in creating economic opportunities for vulnerable populations through the application of new and innovative technology. Last year alone, Mercy Corps’ programs helped nearly 28 million people and its impact investing arm, Mercy Corps Ventures, invests in and partners with innovative social entrepreneurs to scale solutions to the world’s most persistent challenges, including financial exclusion.”
According to Ripple, Mercy Corps Ventures will, “support solutions that leverage digital financial technologies—such as distributed ledgers, digital assets, and cryptocurrencies—to bring large numbers of people in emerging markets into the global economy over a three-year initiative.” Apparently, this contribution from Ripple will help “support the education of Mercy Corps’ field staff working to address the financial challenges faced in these regions and apply digital financial solutions.”
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