Raising Malawi, a non-profit organization run by famous artist Madonna has partnered with Ripple, towards raising funds for vulnerable children across Malawi. Ripple stated that they will be matching every public donation made towards the cause.
The organization was founded by American screenwriter Michael Berg, and Madonna to help orphaned children in the African country of Malawi. Reportedly, nearly one million children in the region have lost one or both of their parents to HIV AIDS, leading to a high rate of vulnerable children.
Recently, Madonna announced that she would be conducting a $60,000 fundraising round for the organization. She said in a release:
“I have an unwavering commitment to providing vulnerable children with a loving home. For my birthday, I can think of no better gift than connecting my global family with this beautiful country and the children who need our help the most.”
Founded in 2006, Raising Malawi has since helped over 10,000 of these children by providing necessities and services. These include services such as providing educational support through creating infrastructures like classrooms, funding scholarships, and materials.
Notably, the foundation has also built medical infrastructure for healthcare services, such as helping establish the first pediatric surgery and intensive care unit in the country. Ripple stated on this move:
“Ripple and its executive team care deeply about giving back and eliminating barriers that keep marginalized populations from being a part of our global community. This means fostering programs for financial inclusion, improving access to fundamental human services, empowering teachers and supporting primary education, and promoting environmental literacy and conservation.”
Over the month of August, starting on July 30th, Ripple will donate the same amount of money received in public donation, which will be conducted through Facebook to directly sponsor the children. Eric van Miltenburg, SVP of Business Operations at Ripple, said on the campaign:
“We’re honored to be a part of Raising Malawi’s amazing work with some of the world’s most underserved children and are grateful to our investors at Sound Ventures for making the introduction to us and this important cause.”
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SendFriend goes live in New Jersey; prepared to take on a $11 billion remittance corridor with Ripple
SendFriend, a next-generation remittance service that focuses on cross-border payments between the U.S. and the Philippines, today announced that it had gone live in the state of New Jersey, via a Twitter announcement.
We’re all excited for our launch, and today is the Day (for New Jersey)! Join thousands of Filipinos and come out to the Philippine American Friendship Committee Parade and check out our booth – We will be here all day! pic.twitter.com/PkcrGChwZ9
— SendFriend (@sendfriendinc) June 23, 2019
Ripple and SendFriend’s partnership was announced in late 2018, with the CEO of the latter, David Lighton, expressing his excitement at a Barclays Event in 2019. At the same event, Lighton also confirmed that SendFriend would be using Ripple’s xRapid payment solution that leverages XRP as a liquidity provider.
There is approximately $11.09 billion transferred between the U.S. and the Philippines in remittances every year. These largely use traditional payment methods that are slow and less efficient, when compared to newly developed blockchain-based solutions. The chart below shows the flow of remittances into the Philippines, with the U.S. accounting for the highest volume.
By using Ripple’s xRapid payment solution, money can easily be transferred in a few seconds. Not only does this save millions in fees by taking away middlemen, but it is also less time consuming.
Although xRapid has slashed fees and time for cross-border payments drastically, it has not gained traction due to a lack of regulatory clarity around cryptocurrencies. On February 11, 2019, SendFriend had announced the provision of an option for Overseas Filipino Workers [OFW] to send money “securely and reliably” across borders, with fees that are “65% lower than the industry average” in one “seamless flow.”
David Lighton had said,
“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families… This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”
A Twitter user @mister_pace, commented,
“Based on these rates. You save about $13 to send 1000 using SendFriend over The next lowest MoneyGram”
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