Ripple (XRP) and Bill Gates Foundation Partnership Continues Support for the Unbanked
Ripple with its unique market strategy has reached a strong level of expansion. As explained by its xSpring Managing Director Daniel Aranda, why the team chose to concentrate on developing better payment solutions, it has signed down more than 150 partnerships around the world. One of them is with the Foundation of Bill Gates in 2017.
“As we were thinking about different use cases… around payments… the highest friction and pain point that we found was around cross-border. So, if you think about here in the UK, you have services like the Faster Payments Service, CHAPS, and BACS, RTGS from the Bank of England, you have great payment systems that already exist on a domestic or regional level… so there is SEPA in the EU as well… but because there is no global central bank, you don’t really have a global consolidated payments system… you have layers that maybe simulate that, things like Visa and MasterCard or even SWIFT as a messaging service… And we thought that a decentralized architecture, blockchain technology, and these public ledgers could really help kind of interoperate a lot of these different systems. So, with that thesis in mind, we just started looking at markets [to see] who would be the first users, who is the right first customer to focus work.” – Daniel Aranda
Ripple (XRP) & Foundation of Bill Gates
The Bill Gates Foundation is a project for the sole reason of making living standards for people in various countries better. In this road for the better, the Foundation teamed up with Ripple to use their tech and release a software named Mojaloop.
Based on information released by the world bank, there are over 2 billion people who are trapped in poverty, many of whom solely because they do not have access to a bank account or other basic financial services.
Mojaloop – is an open-source software which banks can adapt and find their own use of it very easily with low cost and effort. During its development, the project was funded by the Gates Foundation and created by fintech companies while including Ripple.
Using Ripple’s ILP tech an interoperability layer was produced accordingly with the interledger protocol. The solution is used by financial institutions that deliver financial services for transactions.
Kosta Peric, Gates Foundation deputy director of financial services for the poor, explained in a statement that interoperability has been one of the primary obstacles preventing the poor from using digital wallets to access basic financial services:
“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.”
Stefan Thomas – Ripple’s Chief Technology Officer:
“Enabling the poor to make payments to anyone, anywhere, using a mobile wallet has implications beyond increased access to their domestic economies. It has the potential to bring millions into the fold of the global digital economy. We are honored to have been a part of this project.”
What does the Team up mean for the 3rd Largest Coin?
Keeping in mind that the Gates Foundation is directly owned by the Gates family, the project can very easily hoist up blockchain apps and tech to another level. This means that partnership with Ripple, is not only going to impact this coin but other blockchain startups also in the crypto-verse. It is more than enough to know that The Gates Foundation attempts to offer solutions on global problems and for the better of living while choosing blockchain tech to do it.
For the time being, the pair XRP/USD made it past the $0.5000 major mark with 11.18 percent gain in the last 24-hours. This development came after three strong price jumps occurred since Yesterday in general around the market, of course following the leader’s Bitcoin (BTC) movements.