Blockchain giant Ripple network has made another stride to strengthen further its relationship with Bill & Melinda Gates Foundation as the Blockchain Company now features among the sponsors of the Mojaloop Foundation, a charitable nonprofit organization dedicated to promoting financial inclusion by offering organizations the ability to create an interoperable payment.
Ripple, alongside PhonePe, a top digital payment platform in India, joined the sponsors, placing the two at the highest level of the foundation, a release has said. Ripple Joined the likes of Google, The Rockefeller Foundation, Omidyar Network, ModusBox, and Coil as a board member of the Mojaloop Foundation.
Mojaloop Foundation said it is pleased to unveil the announcement that saw the onboarding of Ripple and PhonePe as its sponsors.
The Mojaloop Foundation since its establishment about three years ago has been developing an open-source software platform targeted at helping about 1.7 billion unbanked people across the globe, especially in the Middle East, Sub-Saharan Africa, East, and Southeast Asia and Latin America.
The open-source software platform is expected to improve the interoperability of payment systems and make payments easier, as well as create a more affordable means of sending and receiving money.
Even though the Ripple Network has been part of the Mojaloop foundation since inception by providing technical supports and advice, the Foundation explained that the new development will let Ripple Network offer the foundation corporate governance, strategic vision, and technical guidance needed to achieve a stable development and wellness of the Mojaloop development community and open-source software.
However, the Ripple Network, through a blog post, said it’s pleased to further extend its partnership with the Bill & Belinda Gates Foundation and excited to join other sponsoring partners of the Mojaloop Foundation.
Ripple explained that the sponsors are passionate about working toward a more inclusive future where digital financial services needed to connect the global economy will be made available to everyone across the globe.
Ripple furthered it will be looking forward to contributing actively to the Mojaloop foundation’s efforts to incorporate with non-governmental organizations, financial institutions, and central banks, as well as to bring both local developers and entrepreneurs together to strengthen the foundation’s platform further and improve its payment ecosystem.