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Ripple Contributes $10M to NGO Mercy Corps at Swell; CEO Says The US is Giving Advantage to Chinese Tech

Lack of regulatory clarity in the US putting companies like Ripple at a disadvantage, forcing them to consider a move-out.

Ripple is wrapping up its annual event, Swell. The two-day event, held on Oct. 14-15, was virtual for the first time and is overall the fourth one.

Usually, a driver for a spike in XRP prices, this time not only was there not much hype around the event, but the price of XRP is also in the red by .34% at $0.247, down 93.73% from its all-time high.

Today, during the Swell event, Ripple announced a $10 million contribution to the NGO Mercy Corps to “expand financial inclusion and increase economic empowerment.”

With this contribution, Mercy Corps, which helped about 28 million people last year, will support solutions that use digital financial technologies such as cryptos and distributed ledgers.

In this three-year initiative, the idea is to bring large numbers of people in emerging markets into the global economy.

“The existing financial system is fragmented, antiquated, and exclusionary–leaving 1.7B people unbanked and disproportionately excluding women. Emerging fintech, crypto, and blockchain technologies have the potential to radically transform it,” which will be leveraged to ensure vulnerable populations are not left behind in the fintech revolution, said Scott Onder, Senior Managing Director at Mercy Corps Ventures.

US’s Regulatory Disadvantage

Amidst this, in an interview, Ripple CEO Brad Garlinghouse talked about the lack of regulatory clarity in the US putting companies like Ripple at a disadvantage forcing them to consider “should we relocate the company to a country where it is clear?”

The regulatory landscape of the US, according to Garlinghouse, is so scattered that it is “actually advantaging Chinese technologies.”

Not just the US but the world is “in a race with China,” which is “leaving others in the dust,” he said.

“I think the Chinese communist party is being very strategic, and it’s very focused on dominating this technology,” Garlinghouse said. China’s President Xi Jinping cleared his stance on the technology last year when he said, the country must “take the leading position in the emerging field of blockchain.”

However, not just China, but the US is behind many other countries, G20 markets like the UK, Singapore, Japan, Switzerland, and the UAE where there’s a clear regulatory framework, said Garlinghouse.

“Part of the success of the United States around the internet was because there was clarity for companies to invest.”

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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