Gates Foundation Partners with Ripple’s Coil Web Monetizer to Help the Unbanked
Gates Foundation Partners With Former Ripple CTO’s Coil
The Bill and Melina Gates Foundation recently partnered with Coil, a blockchain startup. The partnership is in an effort to provide payment services to the unbanked. The news was released on Twitter by Miller Abel, the foundation’s deputy director and principal technologist. Abel reported that the organization and Coil will work to implement the Interledger Protocol and to explore how they can support “pro-poor payment systems.”
— Miller Abel (@MillerAbel_) October 17, 2018
The Intelgedger is an interoperability protocol allowing for payments across various crypto networks. Former Ripple CTO Stefan Thomas developed the technology while he was with the distributed leger payments firm and the technology is now being utilized by Coin as the basis for its operations.
The details of the partnership are still unclear, but Abel did mention Ripple in his tweet as well. The Gates Foundation also announced last October that it will be partnering with Ripple. The announcement took place around the same time when the pair released an open-source software called Mojaloop, which focuses on payment services to the poor and unbanked.
Yesterday’s announcement may indicate that the Gates Foundation may work with Coil and Ripple to develop the Mojaloop platform. The platform uses interledger technology and connects various parties in the payment system to facilitate transactions in real time.
Further, a press release published last year by Mojaloop states that it is an “open source software for creating payment platforms that will help unbanked people around the world access digital financial services.” Concerning Mojaloop, Abel tweeted that “payments are in national currency of the given country, so that the system helps include and integrate the people (usually poor) who have historically been left out.”
The Gates Foundation has been looking into blockchain technology since 2015 in an effort to improve financial inclusion.