US-based Ripple, a blockchain-powered digital currency exchange provider, is embarking on a $100 million social impact initiative called Ripple for Good, the company said in a statement.
Ripple for Good will support projects that support blockchain education and financial inclusion. Ripple said that at this early stage, it is studying some high-impact projects to choose from and to eventually finance.
“When we reflected on the unique role Ripple could play from a social impact standpoint, we kept landing on the idea that the benefits of these new technologies should reach as many people as possible," commented Ken Weber, head of Ripple’s social impact department.
He added, "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. Our goal is to deliver on the promise of an internet of value for all."
He said the project had received more than $80 million in donations as the initiative gains momentum from supporters. Ripple has committed another $25 million for the program.
According to the company, the initiative reflects Ripple’s view on education, particularly in the areas of financial technology (fintech) and STEM, which it believes would drive innovation across all sectors. Ripple has already contributed to blockchain research and teaching through the University Blockchain Research Initiative, as well as fintech and digital currency to encourage a more significant understanding of innovation and adoption in business and finance, law and policy, computer science and other related fields.
Ripple for Good will focus on applying real-world use cases of blockchain and fintech with the “potential for scalable social impact.”
Doug Galen, co-founder, and CEO of RippleWorks said Ripple was created on the foundation that the technology could provide an improvement on people's lives. Since its creation four years ago, Ripple’s support for RippleWorks is proof the company is true to its commitment, after working on 70 projects in 55 countries to better the lives of more than six million students, three million patients, and nearly 250 million people.
“Today’s announcement to create an even deeper alignment with RippleWorks is another validation of Ripple's long-standing commitment to leverage its technology, financial resources, and team to improve lives. RippleWorks is thrilled to have even more of Ripple's help to solve the massive challenges facing people throughout the world,” Galen added.
Last month, Sagar Sarbhai, the firm’s head of regulation relation for the Asia-Pacific and the Middle East noted a shift in policy among global regulators to accept digital assets while embracing blockchain. He said global policymakers are starting to take a holistic approach towards blockchain and cryptocurrencies.