Ripple is being used to help get funds to where they’re needed…
The Bill and Melinda Gates Foundation is furthering its involvement with the world of cryptocurrency, by cementing and growing its partnership with Ripple.
The Foundation – which of course is heavily backed by the fortune Bill Gates made growing his Microsoft empire – does work with countries around the world. And that’s what’s brought it up against a host of problems. In particular, how can you send funds to countries whose systems make them more complicated than ideally it should be?
The answer in the case of the Foundation is to expand its relationship with Ripple, to put in place a better framework for distributing funds.
The move was announced on Twitter by Miller Abel, the deputy director of the Gates Foundation, who revealed that “we are partnering w/ Ripple and Coil to implement the Interledger Protocol & explore ways Mojaloop can support pro-poor payment systems”. You can find his Tweet here.
Furthermore, the Foundation is utilising a system called Mojaloop to help with disbursement of funds. This, Abel explained has involved the Foundation and its partners “borrowed concepts from blockchain and applied them to overcoming the problem of financial exclusion in developing countries”.
The original announcement of it working with Ripple came back in 2017, at the start of the development of the Mojaloop project. The aim is to help those who don’t have access to banking facilities, harnessing the fact that 90% of the world can nonetheless get a mobile phone signal.
Expect more announcements in due course. The detail, as of yet, hasn’t been revealed…