Blockchain payments giant, Ripple today, on September 27, announced the official launch and key objectives of their Social Giving Program called “Ripple for Good”. The official press release by the company stated that the social impact program will dedicate in total of $105 million to number of projects which are already being developed.
According to the announcement, the new fund will mainly focus on educational projects which have the potential to contribute into financial industry worldwide. In addition, it was informed that “Ripple for Good” will also collaborate with another NGO called RippleWorks, which already reportedly developed and implemented 70 social projects in 55 different countries.
The announcement went on stating: “the funding will focus on education, particularly in science, technology, engineering and mathematics alongside fintech. In particular, “Ripple for Good” will focus on applications and real-world use cases with the potential for scalable social impact”.
The co-founder and executive chairman of Ripple, Chris Larsen shared an official comment on the new initiative which stated: “we have to stop being self-righteous disruptors and instead focus on building things that solve real world problems. If we focus the blockchain movement on that, over two billion underbanked people can become full economic citizens”.
The recent press release also confirmed that an additional $25 million has been committed to the program on the day of the official launch of the program. “It’s currently assessing a number of high-quality projects to determine funding”, added the announcement.
Head of social impact at Ripple, Ken Weber also talked about the new development saying: “if we are truly committed to transformative global change, we will work to help ensure that innovations in banking and global payments are available everywhere to everyone, among unbanked and underbanked populations and in economies and economic sectors that serve the greater good. Our goal is to deliver on the promise of an Internet of Value for all”.