Popular poverty-focused NGO Tipping Point Community announced on Thursday that Ripple, among 14 other Bay Area companies, contributed to help it provide essential support and services during the Coronavirus lockdown. Other prominent names in the list include Goldman Sachs, BlackRock, Deloitte, and Pinterest.
The novel coronavirus has turned out to be the biggest pandemic the world has seen post-Spanish Flu that occurred over a century ago. As of date, COVID-19 has infected more than 2.7 million people in at least 210 countries, killing over 191,000. The global economy has been brought to a standstill, with almost the entire world is under partial or complete lockdown. Two of the biggest consumer markets, China and the US are severely hit, with the latter having witnessed deaths of over 50,000 citizens. India, another major consumer market, is under complete lockdown since March 24, which will continue at least till May 03, 2020.
In such dire times, the worst affected are the lower-income groups, who are left with little or no money to buy essential supplies like food and medicine.
“Tipping Point’s grantees connect with over 250,000 people annually, with most of these clients earning less than $32,000 a year. Demand for services has increased – and will likely skyrocket – as individuals and families struggle to get by due to loss of work and wages, increased need for childcare, inadequate health benefits, housing insecurity, and homelessness.”
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Thanking Tipping Point for its efforts, Brad Garlinghouse, co-founder and CEO of Ripple, tweeted that COVID-19 is disproportionately impacting low-income groups since they have limited access to resources.