Bill Gates’ Foundation Turns to Ripple (XRP) to Serve the Unbanked
Ripple is undoubtedly one of the most impressive projects the cryptoverse has to offer.
In a little over 4 years, Ripple has firmly established its tentacles in the Fintech industry bagging a list of star-studded partnerships in the process, one of such is Ripple’s partnership with the Bill and Melinda Gates Foundation.
The Gates Foundation Partnership
The Gates Foundation has been using the success of Bill and Melinda Gates to improve the standard of living of the people living in developing countries.
All lives have equal value is the motto of the Bill and Melinda Gates Foundation which has worked immensely in improving the healthcare, education and more recently, the economies of developing countries.
In a bid to improve the economy of developing countries, the Gates Foundation announced in Ripple’s first ever Swell conference in Toronto held in October 2017, that they will be applying Ripple’s technology in implementing its Level One Project; everyone benefits from an economy that includes everyone.
Not long after the Bill and Melinda Gates Foundation partnered with Ripple, the foundation released an open source software for the 2 billion unbanked people (according to World Bank) using Ripple’s underlining technology, and Ripple’s famous Interledger protocol to transact between different financial networks.
Mojaloop, as it is known was designed to provide an interoperability layer between the financial institution, payment providers and other organization offering such services.
Mojaloop would make it possible for the transfer of funds to any account, not just people who keep their money in one particular bank.
Mojaloop leverages Ripple’s Interledger protocol to create a way for financial providers, governments, and mobile network operators to simplify and reduce the cost of developing inclusive payment platforms for users.
This effort opens Ripple to over 2 billion of the World’s population who don’t have access to bank accounts. Mojaloop serves as a bridge between financial institutions, mobile networks, and its users.
The Mojaloop technology is used to connect customers, banks, merchants, the government arms, and other financial institutions within a country, thereby accelerating the progress and growth of the economy.
Mojaloop is available for free to use, and Ripple the Gates Foundation has encouraged developers to use Mojaloop to develop or adapt products and services to the financial tool.
Mojaloop may be based on Ripple’s Interledger Protocol, but developing the financial tool took a combined effort.
Ripple, ModusBox, Software Group, and Crosslake Technologies developed using with funds from the Gates Foundation.
Current Market Status of Ripple (XRP)
Ripple’s impressive run of massive adoption and remarkable partnerships is not the only achievement of the digital asset.
Ripple (XRP) has always been among the top performing cryptocurrencies, regardless of the state of the market.
As at the time of this writing, Ripple (XRP) is currently the third largest cryptocurrency ranked by market capitalization and valued at $0.456 after rising by 1.26% over the last 24 hours.