Ripple For Good Commits $105 Million in Donations to Enhance Education and Financial Literacy
Ripple for Good has been making some serious differences in the world, in the past as well as right now. It's been announced by the Ripple team that its corporate social impact program will be supporting mission-driven organizations and initiatives with the hope of increasing the level of financial inclusion we currently see across the world.
In order to support this admirable initiative, its program will focus on Science, Technology, Engineering and Mathematics (STEM), Financial Technology (FinTech) education, as well as improving the underlying literacy of finance, identifying them as critical drivers of a new and ever increasingly inclusive globalized digital economy.
It's thanks to Ripple For Good that Ripple is formalizing the company's long term commitment to a mission and business-driven social impact, which begins with the allocation of over $25 million in giving. This will further build upon the momentum of more than $80 million in donations that the company has made to date as of this year.
Along with these initiatives, it seeks to further improve the level of support it gives in education, with Ripple announcing that it . will be partnering with leading universities around the world. The aim of which is to support and increase the amount of research and innovation that's currently going into blockchain technology, cryptocurrency, and FinTech through the University Blockchain Research Initiative (UBRI) which was launched back in June 2018.
“We recognize the unique role of academia in developing and driving adoption of these new, transformative technologies and we’re excited to support the work already being advanced by faculty and students in the field.”
Along with its commitment to further support research and education, Ripple is eager to collaborate closely with universities that have made forays into the social impact cases for blockchain technology and cryptocurrencies
Along with its ongoing educational and research-based support, Ripple has been a passionate and prolific advocate of equity and facilitating opportunities in education, as it's demonstrated with its previous support of public school teachers through DonorsChoose.org.
When it comes to fostering financial inclusion, Ripple is completely aware of its relatively new status as a ‘new kid on the block' as Ripple puts it.
When it comes to advocating for, and donating to the causes that Ripple has, it seems to have an understanding of the need to find ways to improve the same global financial system that these organizations seek to bring more people into.
“Naturally, there are a number of well-known financial services companies, foundations and nonprofit organizations already hard at work to bring more humans into our shared, but starkly tiered—and often inefficient and inequitable—global financial system. Today, more than two billion people do not participate in the formal financial sector.”
Ripple feels optimistic about the company's potential to change this for future and newly enfranchised individuals.
Ripple, from the products that it provides to financial institutions such as xCurrent and xRapid, believes that the joint cross-border transactions like remittances and microtransactions should be faster, cheaper and more secure. Ripple also believes that financing and microloans for small and medium-size enterprises should be made accessible and affordable.
While there are a large number of new users entering the global financial world, the global flow of information, Ripple believes, is also something that must become increasingly streamlined to meet the future challenges of the world.
With Ripple's innovative approach, technology and ever increasing global reach, the company intends to bring things that are new, innovative and dynamic to the international table, all while helping to solve challenges that have afflicted the system for years. Ripple's underlying goal? To make the benefits of a revolutionized global payments system more widely accessible and available to everyone, regardless of where they live.
And with more than two billion underbanked people across the world becoming full economic citizens, it's become part of the revolutionary promise that is behind the Internet of Value (IoV).
“We have to stop being self-righteous disruptors and instead focus on building things that solve real world problems. If we focus the blockchain movement on that, over two billion underbanked people can become full economic citizens.” – Chris Larsen, Ripple co-founder and executive chairman.
While this gives the impression that Ripple's initiative is a clear-cut, straight line action from money to method, but the company understands the kind of arduous task that this is.
“Of course, we’ll encounter a steep learning curve and will look to partners to create and accelerate our impact. One organization we’re fortunate to be able to turn to is RippleWorks, a nonprofit organization co-founded by Chris Larsen and Doug Galen.”
As an organization, RippleWorks has had an exception track record, especially when it comes to identifying, funding and getting to work in supporting social ventures across multiple sectors. Companies and ventures can also benefit from RippleWorks provides ventures with a wealth of experience and expertise when it comes to financial inclusion.
So what is Ripple's bottom line? Place in simple terms, Ripple is a mission-driven company, which is committed to fostering positive change all across the global economy. Ripple's vision is to enable the Internet of Value, which represents a world where money moves like information does today for as many people as possible.
Ripple's goal is a driving force for everything they do as a company, from technology development to customer deployments, to its workplace culture, to Ripple for Good, which is its newest and, according to the Ripple team “In some ways, our boldest endeavor.”