During the annual Swell conference, Ripple announced a $ 10 million contribution to Mercy Corps to help it leverage digital assets in the process of expanding economic inclusion in emerging markets.
Mercy Corps is a humanitarian NGO dedicated to creating economic opportunities in countries where the financial system is not functioning properly. The organization claims to have helped more than 220 million people survive various humanitarian conflicts.
According to the announcement, Mercy Corps will partner with Ripple and its nonprofit organization RippleWorks to support solutions that include digital assets and cryptocurrencies.
At the conference, Scott Onder, Senior Managing Director of Mercy Corps Ventures, stressed the need to ensure that vulnerable populations are not left behind in the fintech revolution.
“The current financial system is fragmented, outdated and isolated – 1.7 billion people lack banking services and women are disproportionately excluded,” he said.
“New fintech, cryptocurrency and blockchain technologies can radically transform them, but there are enormous risks for the world’s most vulnerable people if their needs are not taken into account when developing and distributing these new technologies,” Onder added.
FinX, a joint venture of Mercy Corps Ventures and Mercy Corps, aims to improve access to financial services in turbulent markets by focusing on products based on distributed ledger technology.
During the conference, Ripple also indicated that the second largest bank in the United States, Bank of America, is currently using one of its products. A screenshot of the video was posted by a member of the XRP community.