[ad_1]
During the annual Swell conference, Ripple announced a $ 10 million grant to Mercy Corps to help it use digital assets in its work on developing financial inclusion in emerging markets.
Mercy Corps is a non-governmental humanitarian aid organization that aims to create economic opportunities in countries where the financial system is not functioning properly. The organization claims to have helped over 220 million people survive various humanitarian conflicts.
According to an announcement, Mercy Corps will partner with Ripple and its nonprofit RippleWorks to support solutions that include digital assets and cryptocurrencies.
Speaking at the conference, Scott Onder, senior chief executive of Mercy Corps Ventures, stressed the need to ensure that vulnerable populations are not left behind in the fintech revolution.
“The existing financial system is fragmented, outdated and exclusive, leaving 1.7 billion people without banks and disproportionately excluding women,” she said.
“Emerging fintech, crypto and blockchain technologies have the potential to radically transform it, but there are substantial risks to the world’s most vulnerable people if their needs are not taken into account as these new technologies are designed and implemented,” added Onder. .
FinX, a joint venture of Mercy Corps Ventures and Mercy Corps, aims to improve financial inclusion in troubled markets by focusing on products based on distributed ledger technology.
During the conference, Ripple also hinted that the second largest bank in the United States, Bank of America, is currently using one of its products. The video screenshot was posted by a member of the XRP community.
#Ripple finally confirms Bank of America! pic.twitter.com/uW4Tp5aEn7
– Danger Mouse XRP (@DangerMouseXRP) October 14, 2020
[ad_2]Source link
