Ripple to inject $25 mn in latest social impact project “Ripple for Good”
Ripple is here to make a difference – not just with its blockchain-based payment solutions, but also with its involvement in social welfare. The company introduced “Ripple for Good“, a program that will focus on educational and financial inclusion. Ripple intends to invest $25 million in this social initiative.
The program has already received donations amounting to over $80 million. As of now, the company is evaluating various projects to decide the allocation of these funds.
RippleWorks, a non-profit organization set up by Doug Galen and Ripple co-founder Chris Larsen, will also join this social venture.
This latest project will focus on real-world use cases for blockchain technology that could have a scalable social impact, the company said in a statement on Thursday.
RippleWorks has been engaged in addressing social issues such as financial exclusion for a while now. Since its launch in 2015, it has taken up high-impact social projects and collaborated with social ventures all over the world.
This collaboration will allow the program to benefit from RippleWorks’ experiences in promoting education and bringing about financial inclusion. This new initiative will focus on education in fintech, science, technology, engineering and mathematics.
Doug Galen, RippleWorks CEO, said that since the beginning, Ripple believed that its technology could improve the lives of people and “had the foresight to support RippleWorks four years ago as proof that those weren’t just words.”
The company aims to make its technologies in global payments and banking accessible to all, so that even unbanked and underbanked people will be able to benefit from this innovation. Likewise, the latest social impact project intends to promote the application of this technology for the interest of the society.
“Our goal is to deliver on the promise of an Internet of Value for all,” said Ken Weber, head of Social Impact at Ripple.
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