Ripple, a corporation standing behind the XRP cryptocurrency, launches Ripple for Good. This foundation will allocate funds to support projects involved in education in the fields of science, mathematics, development, and financial technology.
The company’s website says that the program will receive $25 million allocated from the company's funds, another $80 million is expected from investors. Ripple will select startups that are engaged in educational work and help them.
“If we are truly committed to transformative global change, we will work to help ensure that innovations in banking and global payments are available everywhere to everyone, among unbanked and underbanked populations and in economies and economic sectors that serve the greater good”, said Ken Weber, director of social programs at Ripple.
Ripple for Good will work together with RippleWorks, which is engaged in volunteer work in charity projects. The report notes that the company cooperates in the field of education with leading universities in the world that support the development of blockchain technologies.
In early June Ripple looked to speed up the growth of the blockchain and crypto technologies by donating $50 million to 17 leading universities to boost academic blockchain research.
WHY IS IT IMPORTANT?
- According to Ripple, currently more than 2 billion people are not involved in the financial sector in any way, and companies together with non-profit organizations have been working for a long time to attract more people to this system. A broader adoption of technology will change the financial sector and make its products more accessible.
- Ripple has been doing quite well lately: the company ended lawsuits with the R3 consortium, announced the launch of the xRapid product and obtained a license of payment processing agent in the Japanese Kanto region for the MoneyTap program.
- Following this news, the rate of the XRP coin (XRP/USD) is growing and has already twice reached the second place in the CoinMarketCap cryptocurrency rating.