The wonderful performance that Ripple has had from inception keeps it atop in the cryptocurrency space. While we discuss the beautiful performances of the cryptocurrency, so many enthusiasts are not aware of the cryptocoin’s dependents, some platforms who complete trust Ripple and have been benefiting from the partnership.
Bill Gate Foundation
Towards the end of 2017, Ripple and Bill Gates Foundation Teamed up to reduce the level of poverty by providing mobile wallet for people in poverty encroached territories.
The partnership is important because according to World Bank, around 2 billion people struggle to lift themselves out of poverty for the fact they don’t have a bank account or financial services.
The collaboration between Ripple, Dwolla, ModusBox, Software Group and Crosslake Technologieswith finance from Bill & Melinda Gates Foundation resulted in the invention of a new open-source software branded as Mojaloop, which is creating a real-time, interoperable payments platform on a national scale to reach the world’s poor with essential financial tools.
Mojaloop depends on Ripple’s Interledger Protocol (ILP) to give opportunities to financial providers, governments and mobile network operators to reduce the cost of developing payments platforms.
The app is suitable for connecting customers, merchants, banks, providers and government offices across any country. The app is dedicated to helping the downtrodden who do not have access to bank account.
Ripple’s Chief Technology Officer Stefan Thomas said, “Enabling the poor to make payments to anyone, anywhere, using a mobile wallet has implications beyond increased access to their domestic economies. It has the potential to bring millions into the fold of the global digital economy. We are honored to have been a part of this project.”
The app is a confirmation of Ripple’s outstanding performances and trust that Bill Gate Foundation has in Ripple.
Saudi Arabian Monetary Authority
The Saudi Arabian Monetary Authority’s (SAMA) partnership with Ripple is going to save the oil rich country of $200 -$400 million annually. No doubt SAMA is among those whose trust on Ripple fetched a lifelong opportunity.
The partnership gives banks in the kingdom opportunities to use Ripple tools for cross-border payments. SAMA, by indications, is going to be the second central bank in the world to introduce Ripple’s blockchain-based cross-border payments platform, after the 2017’s Bank of England’s pilot project.
Santander is one of the many banks who believe in Ripple. The partnership between the two has produced One Pay FX, an app that leverages on Ripple’s xCurrent for cross border transaction and settlement. The app is available to retail customers in Spain, UK, Brazil and Poland.
Ana Botín, Executive Chairman of Banco Santander, said about the app:
“One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally – offering value, transparency, and the trust and service customers expect from a bank like Santander.”
Conclusion: the number of companies, banks, and even organisations that trust Ripple are too numerous to mention. While Ripple partners them, they receive seamless, speedy, and low cost transaction tools in return.
Read more at: Ethereum World News