One of the biggest blockchain-based fintech companies, Ripple, has revealed its plans to send help to the unbanked population and those considered "underbanked." This plan from Ripple was conceived in 2018, and it seems it is about to be matured. In their tweet during Earth Day, Ripple noted that they would be joining hands to help the world through the use of blockchain technologies. They pointed out that one of the most pressing needs in the world is the issue of climate change. They said that innovation in the crypto industry and the reduction in carbon use would help grow towards improving climate problems. One of the innovations they seek to bring to the world is allowing people to make financial transactions easily.
According to Ripple, there are about 3.7 billion people who are either underbanked or unbanked. They need to carry out a revolution that would aid a vast population in having control of their finances. This plan by Ripple was hatched in 2018, and they have been partnering with different fintech companies, foundations, universities, and non-governmental organizations (NGOs), bringing that plan to reality. In their blog post, Ripple announced, "Ripple is proud to partner with innovative fintech, universities, NGOs, foundations, and social entrepreneurs to make progress towards a more open and meaningfully connected world."
Why is Ripple Doing This?
From what Ripple commented on, they were helping the world to become a more connected and successful place. They planned to achieve this by ensuring no issues with the economy and financial ecosystem. Crypto and the blockchain are the two major weapons in Ripple's arsenal, and they intend to use them to achieve their objectives. "Adoption of crypto and blockchain can help dramatically increase global economic participation, opportunity, and resilience for billions of under-banked and unbanked people," Ripple noted.
They further elaborated on how they would be using crypto and the blockchain to solve the world's problems. Part of their plan is creating a sort of central bank for the crypto industry that would help ease off the challenges people face when making financial transactions. "From enabling low-cost and always-on remittances in emerging markets to building Central Bank Digital Currency platforms for governments working to increase financial inclusion, our global crypto solutions are underpinned with the democratizing power of blockchain technology. Together with our partners and customers, we are working to transform a global financial system to meet the ever-evolving, everyday needs of everyone, everywhere," Ripple said. Also read: The Reality of America's Crypto Adoption Stance as Ripple CEO Fumes.
Ripple's Making Huge Progress
Since the start of the progress in 2018, Ripple has made huge progress with their objectives. On their website, they have a track record of how far they have gone with their project. According to Ripple, they have raised t150 million to accomplish their goals. Together with that, they have also been able to generate collaboration with different NGOs, individuals, and companies around the world. Ripple says it has extended its collaboration to more than 80 countries around the globe.
Ripple's price isn't looking good at the moment. Right with the bearish trends the market has been experiencing, its price has been in the negative.