Ripple kicked off its long-awaited Swell conference on October 14, with the event highlighting the blockchain company's various products and services while reinforcing Ripple's vision of financial inclusion. On the second day, in an effort to increase this vision and contribute to global economic strength, Ripple announced a $ 10million contribution to Mercy Corps.
Mercy Corps will operate in partnership with Ripple and a non-profit organization founded by Chris Larsen, Rippleworks. Its three-year initiative includes support from Mercy Corps for solutions that leverage digital financial technologies, such as distributed ledgers, digital assets and cryptocurrencies. This would allow people to enter emerging markets into the global economy.
Ripple is already working with Mercy Corps Ventures and with the latest contribution:
“… It will also be used to support the education of the Mercy Corps field team working to address the financial challenges faced in these regions and apply digital financial solutions. In doing so, Mercy Corps aims to reach 10 million people in the next decade. "
Due to holes in the current system, 1.7 billion people have no bank account, while women are disproportionately excluded. The responsibility lies with evolving technologies, such as crypto and blockchain, to transform this system, taking into account the needs of these vulnerable sectors. According to Senior Executive Director of Mercy Corps Ventures, Scott Onder:
"We will leverage our global resources and reach to ensure that the voices of the community are heard and that vulnerable population are not left behind in the fintech revolution."
The contributions of Ripple and Rippleworks will support the launch of FinX, which is a joint initiative of Mercy Corps Ventures and Mercy Corps. This initiative will attempt to reimagine the existing financial system and build a coalition committed to ensuring that this new system is inclusive for populations without and without banks.
CEO Brad Garlinghouse recently spoke about the “meteoric rise” of digital banks and payment service providers. This step can be a big leap towards the company's financial inclusion objective, a leap that can allow these services to reach the non-bank.