Ripple partnered with the International Rescue Committee (IRC) to support humanitarian efforts.
- The collaboration aims to improve cash assistance programs and fund transfers. It also explores how the company’s upcoming stablecoin (RLUSD) can improve relief efforts in regions with limited access to banks.
Ripple’s multi-year $1 million commitment
Wrinkle recently worked together of the global humanitarian organization – the International Rescue Committee (IRC). The The primary goal of the partnership will be to help people affected by a crisis ‘to survive, recover and rebuild their lives’.
Additionally, the entities will explore how Ripple’s cross-border payment solution and upcoming stablecoin (called RLUSD) can are employed in the cause.
The company will fund the effort with a $1 million, multi-year commitment. “This funding underlines their joint exploration of blockchain technology, including Ripple’s global payments network and open source solutions built on XRP Ledger, in two key areas: cash utilities and cross-border money transfers,” the announcement reads.
Speaking on the matter was Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, who said the deal with the IRC marks an “important milestone” for the company to use blockchain technology for positive global impact.
“We look forward to learning from the IRC’s deep experience in delivering relief on the ground, which will help Ripple support humanitarian efforts at scale. “By combining our full suite of payment solutions with the expertise of the IRC, we aim to help vulnerable communities access critical resources quickly, safely and at scale,” he added.
David Miliband, president and CEO of the International Rescue Committee, also contributed. He said the humanitarian organization is open to exploring innovative solutions that could help communities in need.
“We are excited to partner with Ripple, a trusted leader in blockchain payments, to explore how their technology, such as stablecoins, can improve the speed and efficiency of payments. cashespecially in regions with limited access to traditional banking infrastructure in times of crisis,” he said.
Ripple and Mercy Cops
This is not the company’s first collaboration with a well-known humanitarian entity. In 2020 it is announced a $10 million contribution to Mercy Cops – an organization active in conflict zones, natural disaster areas and regions struggling with poverty. Ripple’s funding was intended to “expand financial inclusion and increase economic empowerment globally.”
Following the partnership, Mercy Cops began supporting solutions that use digital financial technologies to bring people from emerging markets into the global economy.
“The existing financial system is fragmented, outdated and exclusionary – leaving 1.7 billion people unbanked and women disproportionately excluded.
Emerging fintech, crypto and blockchain technologies have the potential to radically transform itbut there pose significant risks to the world’s most vulnerable people if their needs are not designed and deployed with these new technologies in mind,” Scott Onder, Senior Managing Director at Mercy Corps Ventures, said at the time.
