Ripple’s work paid off when it was able to topple Ethereum momentarily in two occasions. It was able to take Ethereum’s spot as people anticipate the coming of xRapid, a product that is looking to “bridge” the gap between cryptocurrencies and fiat. xRapid is going to be used by banks. What it does is send XRP before it will then be converted into the desired fiat currency on the other end.
However, Ripple doesn’t stop there. On September 27, Ripple announced that it is going to launch its social impact program. What the program offers is put up different projects that are going to focus on education and finance inclusion. In order to get things started, the program that is called “Ripple for Good” received $25 million from Ripple. It has already received $80 million in donation. According to Ripple, they are already looking at different projects in order to decide how to allocate the funds.
According to the mission statement: “Ripple for Good supports mission-driven organizations and initiatives with the potential to dramatically accelerate and expand global financial inclusion. Ripple for Good is committed to advancing socially responsible and equitable uses of blockchain, cryptocurrency and related technologies”.
According to Ripple’s co-founder and executive chairman, he said that “We have to stop being self-righteous disruptors and instead focus on building things that solve real world problems. If we focus the blockchain movement on that, over two billion underbanked people can become fully economic citizens”
Not The First Time to Raise Funds for Education
In July, Ripple already launched the University Blockchain Research Initiative. Here, Ripple donated $50 million in order to fund programs that are related to the industry. Ripple has been supporting finance education and blockchain development
Ripple considers themselves as a company that is focused on improving how money moves around the globe, thus they have partnered with different banks and companies such as Western Union and MoneyGram. Unfortunately, Western Union already mentioned that Ripple’s product isn’t actually helping to reduce the cost of cross-border transactions.
Ripple for Good
Ripple has stated that it is working with RippleWorks. RippleWorks is a non-profit that was founded by Chris Larsen and Doug Galen. What it does is support ventures from different sectors including financial inclusion and education. And with Ripple For Good in the picture, it is expected that it is going to possibly continue what RippleWorks has started.
According to Doug Galem, RippleWorks has already made its mark in 55 other countries. It has been able to support 70 projects in those countries.
The announcement regarding Ripple For Good happened a few days before the Swell Event. It was organized by Ripple in San Francisco and will be conducted by next week. The event includes the likes of Bill Clinton and IMF Deputy General Counsel Ross Leckow.
Ripple seems to be working hard in order to get continue towards becoming bigger. Despite the lawsuits that it has been dealing with in the last few months, developments of new products have shown that Ripple is going bullish. It has built partnerships with companies and banks and could potentially make cross-border transactions cheaper.