Ripple Joins IRC to Help Communities Impacted by Crisis (Details)

TL;DR

• Ripple partners with the International Rescue Committee (IRC) to support humanitarian efforts.
• This collaboration aims to improve cash assistance and fund transfer programs. The report also explores how the company’s upcoming stablecoin (RLUSD) could improve aid delivery in regions with limited banking access.

Ripple’s $1 Million Multi-Year Commitment

Ripple recently collaborate with global humanitarian organization – International Rescue Committee (IRC). That The primary goal of this partnership will be focused on helping people affected by the crisis “to survive, recover, and rebuild their lives.”

Additionally, the entity will explore how Ripple’s upcoming cross-border payment solutions and stablecoins will work (called RLUSD) can employed in the cause.

The company will fund this effort with a multi-year commitment of $1 million. “This funding underscores their joint exploration of blockchain technology, including Ripple’s global payments network and open source solutions built on the XRP Ledger, in two key areas: cash assistance programs and cross-border fund transfers,” the announcement read.

Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, speaking on the matter, said that the agreement with IRC marked an “important milestone” for the company to leverage blockchain technology to make a positive global impact.

“We look forward to learning from IRC’s deep experience in providing assistance on the ground, which will help Ripple support humanitarian efforts at scale. By combining our entire payment solution with IRC’s expertise, 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 took part. He said the humanitarian organization was open to exploring innovative solutions that could help community in need.

“We are excited to partner with Ripple, a trusted leader in blockchain payments, to explore how their technology, such as stablecoins, can increase the speed and efficiency of payments. cash assistanceespecially in areas with limited access to traditional banking infrastructure during times of crisis,” he said.

Ripple and Mercy Police

This is not the company’s first collaboration with a prominent humanitarian entity. In 2020, that is announced $10 million contribution to Mercy Cops – an organization operating in conflict zones, natural disaster areas, and regions facing poverty. Ripple’s funding aims to “expand financial inclusion and increase economic empowerment globally.”

Following this partnership, Mercy Cops began supporting solutions that leverage digital financial technology to bring people from developing countries into the global economy.

“The current financial system is fragmented, outdated and exclusionary – leaving 1.7 billion people without a bank account and disproportionately excluding women.

Emerging fintech, crypto and blockchain technologies have potential to change it radicallybut there it is a huge risk for the world’s most vulnerable communities if their needs are not considered as these new technologies are designed and implemented,” said Scott Onder, Senior Managing Director of Mercy Corps Ventures, at the time.