Ripple in Partnership with Bill and Melinda Gates Foundation
Bill and Melinda Gates Foundation have seen the need to partner with the now popular Ripple digital currency to connect un-banked people with financial institutions in developing countries. According to a world bank report, there are about two billion people lacking access to a bank account and are concentrated in developing countries.
Ripple has been causing shock-waves in the crypto industry securing partnerships with major Fintech companies. It has managed within just a short period after its launch to carve itself a niche in the crypto world and become one of the biggest crypto in this industry. It is also providing solutions not only in the crypto world, but in others as well.
Mojaloop, What Is The Partnership All About?
Bill and Melinda Gates Foundation or in short, the Gates Foundation, is a Non-Governmental Organization (NGO) that provides aid to less privileged people to try and improve their livelihoods. This organization is solely owned by the Gates family.
The foundation partnered with Ripple to establish and launch an open-source blockchain platform that will help bring to board the un-banked people in the developing countries. The app, released on the 16th of October 2017 is called Mojaloop.
The software, based on Ripple’s blockchain technology aims to create a working relationship between payment providers and financial institutions for the unbaked people to assist them be part of the system. The app is one of the resulting projects of Ripple’s level one project. Other stakeholders that contributed to the development of this app include Software Group, Crosslake Technologies, and ModusBox.
Mojaloop is banking on the ripple’s interledger protocol that financial institutions use to transact between themselves. The Gates foundation has been monitoring the use of this technology for close to two years before making the bold move to initiate the partnership. The Deputy Director of Financial Services in the Gates foundation was quoted saying that the most challenging hurdle in the financial sector has been to incorporate interoperability of digital payments. The foundation now has hope that with this technology, they will be able to connect to the banks and other financial institutions, a lot of unfortunate individuals who lack access to financial services.
Mojaloop aims to allow users to transfer money to different accounts and to different organizations. The interconnection between the financial institutions such as banks, microfinance as well as customers, merchants and other stakeholders will see the growth of economies of most developing countries as it improves the people’s livelihoods.
Using Mojaloop is free. This comes as an incentive to users and developers to take advantage of the technology and enhance the adaptation of its services.
How Does Ripple Stand To Benefit?
Gates foundation is a reputable organization. By partnering with Ripple, it will not only bring credence to XRP, but to the cryptocurrency industry as a whole. It will be of benefit to many other blockchain startups as well. In addition to funding Ripple’s project, this partnership will bring a whole new dimension to this industry.
Ripple as a currency has already realized some benefits increasing its value by almost 6% in the last 24 hours. Being a coin of the future, you’d expect such partnership to really push its growth as well as that of other promising cryptocurrencies.