Ripple, one of the leading players in the blockchain and cryptocurrency space formally announced the launch of its social welfare program called ‘Ripple for Good’ on 27th September. The company is expecting the program to be socially impactful and mission-driven to further expand the global financial inclusion. In an official tweet, Chris Larsen, the Co-founder and Executive Chairman of Ripple stated:
“The #InternetofValue is not about disruption, it’s about completion – making globalization better for everyone. Ripple for Good will be a central part of that mission.”
The company stated that it has already doled out an amount of over $80 million this year. Subsequently, it is contributing an additional sum of $25 million in donations to symbolize its presence in the business-driven growth of the society.
In its official announcement, Ripple also mentioned that the program has a set of focus points that includes STEM [science, technology, engineering and mathematics], FinTech education and financial literacy. These are thought to be the pillars to drive financial inclusion in the global digital economy.
Earlier this year, the blockchain player announced its huge collaboration with the world’s leading educational institutions through its University Blockchain Research Initiative Program [UBRI]. UBRI was launched in June and aims at catalyzing the innovations in the blockchain space.
Ripple also distinguished a simple fact that the current scenario suggests that a large chunk of the population has yet not received participation in the formal financial space. The mindset to change these statistics has become an impetus for the company to work harder for social good.
Furthermore, Ripple also notified that it is planning to accelerate efficiencies in the remittance sector to make payments faster, secure and cost-sensitive. Its efforts are to be extended to services such as microloans and finance for SMEs [small and medium enterprises]. Here, the firm mentioned women leading SMEs to remain one of the prime focuses of its services.
Weerasak Subpung, a crypto-investor and blockchain space follower sent much appreciation through his comments on Twitter. He wrote:
“Thank you Chris so much for sharing this info ! I’m sent 4000xrp and received 40000xrp!
You’re awesome! Again thanks!”
Another crypto-investor and enthusiast put forth a thoughtful viewpoint on Larsen’s Twitter post, revealing XRP as one of the components in his financial portfolio. He stated:
“This is great. I have ripple as part of my investment portfolio. But, is this a one time thing to generate publicity, and was there any donation when xrp was its ATH in early 2018? I wonder.”
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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