$10Mil Donation From Ripple to Mercy Corps to Develop Financial Inclusion

By Katelyn James | October 18, 2020

At the yearly Swell conference, Ripple reportedly disclosed details of $10 million donated to Mercy Corps, to financially support the use of its digital coin in the process of designing financial inclusion in emerging markets.

Specifically, Mercy Corps will reportedly forge an alliance with Ripple and its non-profit arm RippleWorks, to assist solutions that are associated with digital assets and cryptocurrencies.

During his speech at the conference, Scott Onder – senior managing director at Mercy Corps Ventures – reportedly emphasized on the necessity of making sure vulnerable populations are included in the fintech revolution. 

“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,” Onder further remarked. 

FinX, a joint venture by Mercy Corps Ventures and Mercy Corps, reportedly has a primary target to enhance financial inclusion in markets having problems, via directing its resources to DLT-focused products. 

At the conference, Ripple reportedly also gave out some hints at top 2 banking establishments in the US – Bank of America – is at the moment employing one of the solutions it built.

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