TL;DR
- Ripple partnered with the International Rescue Committee (IRC) to support humanitarian efforts.
- The collaboration aims to improve cash relief programs and fund transfers. It also explores how the company’s upcoming stablecoin (RLUSD) can enhance aid delivery in regions with limited banking access.
Ripple’s $1 Million Multi-Year Commitment
Ripple recently collaborated with the global humanitarian organization – the International Rescue Committee (IRC). The primary goal of the partnership will be focused on helping people affected by crisis “to survive, recover, and rebuild their lives.”
Moreover, the entities will explore how Ripple’s cross-border payment solution and upcoming stablecoin (called RLUSD) can be employed in the cause.
The company will fund the effort with a $1 million multi-year commitment. “This funding underscores their joint exploration of blockchain technology, including Ripple’s global payments network and open-sourced solutions built on XRP Ledger, in two key areas: cash relief programs and cross-border fund 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 firm to leverage blockchain technology for positive global impact.
“We look forward to learning from the IRC’s deep experience in delivering aid on the ground, which will help Ripple support humanitarian efforts at scale. By combining our full suite of payment solutions with the IRC’s expertise, we aim to help vulnerable communities access critical resources quickly, securely, and at scale,” he added.
David Miliband, President and CEO of the International Rescue Committee, also chipped in. He said the humanitarian organization is open to exploring innovative solutions that could help communities in need.
“We’re excited to partner with Ripple, a trusted leader in blockchain payments, to explore how their technology, like stablecoins, can enhance the speed and efficiency of cash-relief, particularly 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 announced a $10 million contribution to Mercy Cops – an organization that operates in conflict zones, natural disaster areas, and regions facing poverty. Ripple’s funding aimed to “expand financial inclusion and increase economic empowerment globally.”
Following the partnership, Mercy Cops started supporting solutions that leverage digital financial technologies to bring people from emerging markets into the global economy.
“The existing financial system is fragmented, antiquated, and exclusionary – leaving 1.7B people unbanked and disproportionately excluding women.
Emerging fintech, crypto, and blockchain technologies have the potential to radically transform it, but there are substantial risks for the world’s most vulnerable people if their needs are not taken into consideration as these new technologies are designed and deployed,” Scott Onder, Senior Managing Director at Mercy Corps Ventures, said at the time.
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