Ripple partners with Gates Foundation

Ripple announces its partnership with Bill & Melinda Gates Foundation
17 October 2017   2992

Bill & Melinda Gates Foundation releases new open-source software for the unbanked that utilizes technology developed by distributed ledger startup Ripple.

Thus, the new software, called Mojaloop, aims at providing an interoperability layer between financial institutions, payment providers and other firms that offer such services to the poor and unbanked. In its turn, Ripple's Interledger protocol, which is used to transact between different financial networks, is being used to help accomplish that goal.

Interoperability of digital payments has been the toughest hurdle for the financial services industry to overcome. With Mojaloop, our technology partners have finally achieved a solution that can apply to any service, and we invite banks and the payments industry to explore and test this tool. Just as the internet revolutionized digital communication, open-source solutions like Mojaloop can spark innovation and democratize access to digital payments, empowering billions of new customers and driving massive economic growth in developing markets.
 

Kosta Peric
Deputy Director, Financial Services for the Poor, at the Gates Foundation

As reported, in addition to Ripple, other financial technology firms participate in the development of the software: Dwolla, ModusBox, Crosslake Technologies and Software Group.

As we modernize and develop national and cross-border payments infrastructure in Africa, the only way to sustainably reach and serve the world’s unbanked communities is through new technologies. Our aim as an organization is to offer national payments platforms for the next generation of financial innovators and Mojaloop gives us some tantalizing new options for doing that in a way that integrates with the entire national economy.
 

Chris Hamilton
CEO of BankservAfrica

According to the company, the developers can access the new software on GitHub, the world’s leading open-source development platform. The software includes four components: an interoperability layer, which connects bank accounts, mobile money wallets, and merchants in an open loop; a directory service layer, which navigates the different methods that providers use to identify accounts on each side of a transaction; a transactions settlement layer, which makes payments instant and irrevocable; and, components which protect against fraud.

The software is not to be owned or implemented by the Gates Foundation: it will be used in the foundation’s ongoing work to promote the development of pro-poor, digital payment platforms.

Bitso to Expand to Latin America With Investors Help

The amount of financing, attracted by the most popular Mexican exchange from the Coindesk and Ripple, isn't reported
15 October 2019   143

Mexico's leading cryptocurrency exchange Bitso has attracted funding from industry-famous investors to expand its operations in Latin America. The amount of investment is not disclosed, reports The Block.

The financing round was led by fintech company Ripple, also the largest US cryptocurrency company Coinbase took part in it. In addition, the participants in the round were Digital Currency Group and Pantera Capital, who had previously invested in the exchange.

Bitso has been operating in Mexico since 2014 and claims to serve 750,000 users in the country. The exchange intends to use the raised funds for business expansion primarily in such large countries as Argentina and Brazil.

Among other economic difficulties, a number of Latin American states are facing currency crises. In Argentina, the government, for example, imposed restrictions on the purchase of foreign currency, trying to stop the fall of the peso. Brazil's economy has fallen into recession due to high unemployment, declining investment and a global recession.

Against this background, cryptocurrency activity is growing in the region.

Weekly LocalBitcoins Volume in Argentina (USD)
Weekly LocalBitcoins Volume in Argentina (USD)

In Argentina, weekly volumes of bitcoin transactions on the p2p platform LocalBitcoins jumped to almost $ 196 thousand. In Brazil, this figure reached $ 307 thousand.