The Ripple payment network will be engaged in educational projects within the framework of the Ripple for Good initiative. The company will allocate $25 million to create the enlightenment fund, another $80 million will be attracted from outside investors. This is reported by the company in this official release.
Currently, Ripple selects projects engaged in educational activities in science, engineering, mathematics, and financial technologies.
“When we reflected on the unique role Ripple could play from a social impact standpoint, we kept landing on the idea that the benefits of these new technologies should reach as many people as possible,” said Ken Weber, Head of Social Impact for Ripple. “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.”
The partner of the initiative will be the non-profit organization RippleWorks, co-founded by Chris Larsen and Doug Galen that supports social ventures across multiple sectors, including financial inclusion and education. Earlier, RippleWorks participated in 70 projects from 55 countries.
“Ripple was built upon the belief that its technology could improve lives, and they had the foresight to support RippleWorks four years ago as proof that those weren’t just words. Since then, RippleWorks has worked on 70 projects in 55 countries to improve the lives of over three million patients, six million students, and 250 million people,” said Doug Galen, co-founder, and CEO of RippleWorks. “Today’s announcement to create an even deeper alignment with RippleWorks is another validation of Ripple’s long-standing commitment to leverage its technology, financial resources and team to improve lives. RippleWorks is thrilled to have even more of Ripple’s help to solve the massive challenges facing people throughout the world.”
Recall, in June, Ripple donated $50 million for research on blockchain to 17 universities around the world. For an example, the Texas Business School received $2 million from this company.