Bill Gates Foundation And Ripple (XRP) Team Up To Support The Unbanked
Ripple (XRP) has been doing great ever since its appearance in the crypto market. The team behind the project managed to create great projects that brought advantages for more than just the crypto space.
Ripple became one of the most important cryptos in the whole world, and it keeps gathering significant partnerships in the Fintech industry. Back in 2017, it teamed up with the Bill and Melinda Gates Foundation.
Ripple teams up with the Gates Foundation
The Gates Foundation aims to improve the standard of people who are living in developing countries.
In their quest to enhance these people’s lives and also the countries’ economies, the Gates Foundation teamed up with Ripple in order to release an open-source blockchain software called Mojaloop for the unbanked back in October 2017.
It’s important to know that there are 2 billion people in the world without access to bank accounts and due to such a high rate, the Gate Foundation decided to use Ripple’s blockchain technology in order to create Mojaloop.
This is a software that aims to establish an interoperability layer between the payment providers and financial companies for the unbanked.
The interledger protocol was produced by Ripple, and it’s used for transactions between institutions that provide financial services.
The Foundation’s Deputy Director of Financial Services said that “Interoperability of digital payments has been the toughest hurdle for the financial services industry to overcome. With Mojaloop, our technology partners have finally achieved a solution that can apply to any service, and we invite banks and the payments industry to explore and test this tool.”
Mojaloop improves transactions
Using Mojaloop, anyone can transfer funds o accounts and not just people who are using a specific bank.
It can be used to connect with banks, customers, bank merchants and more and the interconnection will also enable secure transactions between various people in a particular economy.
Ripple encourages developers to use the free Mojaloop software and enhance the adaption of services.
Ripple’s partnership with the Gates Foundation is beneficial not only for the parties involved but also for other blockchain startups in the crypto space.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.