Bill & Melinda Gates Foundation, also known as the Gates Foundation, is a private foundation founded by Bill and Melinda Gates which was set up in 2000, and is said to be the largest private foundation in the United States, holding US$50.7 billion in assets is creating a strategic partnership with Ripple Labs Inc., an American technology company which develops the Ripple payment protocol and exchange network and Coil, a digital payments firm to deploy Interledger Protocol as per the statement tweeted by Miller Abel, the Foundation’s Deputy Director and Principal Technologist on 17th October. However, the Foundation is still to announce it officially.
Besides leveraging the enormous benefits of Ripple’s Interledger Protocol that are designed to get connected with various payment ledgers by enabling the faster cross-border transactions, the strategic partnership is actively poised to exploring various ways through which Mojaloop can support the payment systems that are pro-poor. Further speaking to the subject matter, Miller elaborated the concept saying that “We are partnering w/ @ripple and @coil to implement the Interledger Protocol & explore ways #Mojaloop can support pro-poor payment systems.# githbuniverse.”
Mojaloop was set up by the Gates Foundation in October 2017 that employs Interledger technology actively. The entire tech is designed on an open-source mobile payment platform especially for financial organizations, government regulators and fintech industry especially that helps promote mobile payment system in the developing world and support financial services to all those unbanked community users in the world.
According to the official source of World Bank in 2017, “almost 1.7 billion adults which are expected to be out of the brackets of banks that comes around 30% of the global populations. Most of those community users live in emerging markets with no proper access to the regular banking system.”
With the blockchain use case in this space, all those community users that are underbanked can expect to get a digital identity that can be used for a banking purpose however by accessing through their smartphones.
Coin, one of the strategic partner was set up by Stefan Thomas, erstwhile Ripple CTO who runs Interledger technology. Let us not forget that the subscription platform is designed such that users can support content creators by controlling ads with the entire website paywall process done automatically!!