Sirlibz
Ripple, an open crypto currency payment system with the aim of allowing people to move funds without high fees has announced that they will be contributing $10 million to Mercy Corps in order to expand financial inclusion and increase economic empowerment globally.
Mercy Corps is a Non-profit Organization (NGO) that has a global team of over 6,000 humanitarians working efficiently in over 40 countries around the globe. The Organization has its roots traced back to 1979, where funds were put together to save the refugees who were being killed in the fields of Cambodia. Their subsidiary Mercy Corps Ventures invests in and partners with innovative social entrepreneurs in order to scale solutions to the world’s most persistent challenges which includes Financial exclusion. Last year alone, they reportedly aided over 28 million individuals.
The collaboration between both entities will allow Mercy Corps to also partner with Rippleworks, a subsidiary of Ripple that invests in start-up ventures. This will allow Mercy Corps Ventures to support technological solutions emerging from the digital world, then get access to digital financial technology, digital assets and crypto currencies.
The existing financial system is antiquated, broken and poorly designed to serve the needs of those in emerging markets, which are too often overlooked by financial service providers. As the pandemic spurs an increasing shift toward digital payments, the number of those without access to affordable financial services is only growing. There is much at stake. The official announcement stated. Today’s partnership is an important step in Ripple’s long-term commitment to achieving global financial inclusion. Ripple is proud to collaborate with innovators like Mercy Corps and merge our expertise building financial products with the market insights and expertise of an effective global development organization and its network of mission-driven entrepreneurs. The announcement added.
The investment will also support the launch of FinX, a joint initiative by Mercy Corps Ventures and Mercy Corps to build a unified committee which will oversee that the new system would reach out to the unbanked and under banked population.
