Blockchain payments venture, Ripple, has launched Ripple for Good, which will focus on projects related to education and financial inclusion. Building on recent donations totalling more than $80 million, Ripple is committing an additional $25 million. It is currently in the process of assessing a number of projects to determine how the cash will be allocated.
“When we reflected on the unique role Ripple could play from a social impact standpoint, we kept landing on the idea that the benefits of these new technologies should reach as many people as possible,” says Ken Weber, Head of Social Impact for Ripple.
“If we are truly committed to transformative global change, we will work to help ensure that innovations in banking and global payments are available everywhere to everyone, among unbanked and underbanked populations and in economies and economic sectors that serve the greater good. Our goal is to deliver on the promise of an Internet of Value for all.”
Ripple for Good will collaborate with RippleWorks, a nonprofit co-founded by Chris Larsen and Doug Galen that supports social ventures across the likes of financial inclusion and education.
“Ripple was built upon the belief that its technology could improve lives, and they had the foresight to support RippleWorks four years ago as proof that those weren’t just words. Since then, it has worked on 70 projects in 55 countries to improve the lives of over three million patients, six million students and 250 million people,” says Galen.
“Today’s announcement to create an even deeper alignment with RippleWorks is another validation of our long-standing commitment to leverage our technology, financial resources and team to improve lives. RippleWorks is thrilled to have even more of Ripple’s help to solve the massive challenges facing people throughout the world.”
Earlier this year, Ripple earmarked $50 million for its new University Blockchain Research Initiative (UBRI), which sees it partnering with universities globally to support academic research, technical development and innovation in blockchain, cryptocurrency and digital payments.
“Academia has traditionally been a critical driver of technical innovation. The University Blockchain Research Initiative is an acknowledgment of the vital importance of the unique role universities will play in advancing our understanding and application of cryptography and blockchain technology. It also speaks to the reality that university graduates will fuel a continually evolving and maturing financial marketplace and workforce,” said Eric van Miltenburg, SVP of Global Operations at Ripple.
“Much of the enthusiasm and activity to date around blockchain is disconnected from real use cases that result in clear benefits to businesses or civil society. While Ripple won’t dictate research parameters, we are excited to play a role in helping to support faculty and student-led projects that explore increasingly useful applications of blockchain and cryptocurrencies.”