Ripple partners with Gates Foundation

Ripple announces its partnership with Bill & Melinda Gates Foundation
17 October 2017   2432

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.

Ripple to Sell $169.42M Worth XRP in Q1 2019

It's 31% more than in Q4 2018, when company was able to sell less than $130M worth XRP
25 April 2019   205

Ripple published a financial report for the first quarter of 2019, indicating that during this period it managed to gain $ 169.42 million from the sale of XRP cryptocurrency. The value increased by 31% compared with the fourth quarter 2018, when XRP was implemented at $ 129.03 million.

Direct institutional sales brought the company $ 61.93 million compared to $ 40.15 million in the previous quarter. The indicator of “programmable sales”, that is, sales carried out with the help of intermediaries, also increased and amounted to $ 107.49 million against $ 88.88 million.

XRP Sales Table, Q4 2018 | Q1 2019
XRP Sales Table, Q4 2018 | Q1 2019

Total XRP trading declined by about 2% to $ 53.85 billion in the first quarter of this year, against $ 54.82 billion in the fourth quarter of the previous year.

For comparison, for the same period last year, Ripple managed to sell XRP for $ 167.7 million, that is, a change in the indicator was about 1%.

In the first quarter, Ripple released 3 billion XRP from its escrow wallets. At the same time, 2.3 billion XRP were returned and entered into new escrow contracts. “The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem,” explains the company.

In the middle of the month, it became aware of the decision of the Japanese bank Resona to withdraw from the MoneyTap payment project being developed by Ripple.