The Bill and Melinda Gates Foundation is currently expanding its partnership with Ripple. The foundation wants to have an improved system to send money to poorer countries. Some of these nations do not have adequate infrastructure for payments. This is why Ripple can play an important role and make it easier.
Bill Gates Foundation Works with Ripple
It is sometimes complicated and expensive to send funds abroad. Banks take several fees and days to process transactions. However, the task is even more difficult when the receiving country does not have the necessary financial infrastructure. Costs are higher and transfers can take longer times.
Miller Abel, the Foundation’s deputy director, said that they are working with Ripple and implement the Interledger protocol. At the same time, he said that they are also partnering with the web monetization platform coil. This would allow the foundation to support pro-poor payment systems.
On Twitter, he wrote:
“We are partnering w/ Ripple and Coil to implement the Interledger Protocol & explore ways Mojaloop can support pro-poor payment systems.”
— Miller Abel (@MillerAbel_) October 17, 2018
The partnership was announced back in 2017. At that time they informed that they would create an interoperable payment platform. The platform is currently known as Mojaloop and will be enhanced to offer better services. Specifically, it will give financial benefits to those that do not have access to traditional banking solutions.
The interledger protocol is currently used by several companies around the world. It allows them to develop their own payments platform according to their needs.
This decision, taken by the foundation, is very important. The poorest nations and individuals around the world would have equal access to financial solutions. Satoshi Nakamoto, Bitcoin’s creator, aimed at equalizing disparity around the globe.
At the moment, there is no specific information about how the partnership will be or how they will implement it. However, this shows that there is a real interest from companies and entities to use blockchain technology and improve their services.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.