Gates Foundation Partners With Ripple [XRP] And Coil To Launch ‘Pro-Poor Payment Systems’.

The Bill and Melinda Gates Foundation is partnering with Ripple Labs and digital payments firm Coil to implement the Interledger Protocol, the Foundation’s Deputy Director and head technologist Miller Abel announced in an official recent tweet. However,the foundationitself has notrevealedany legidannouncementconcerning this partnership.

Apart from the implementation of Ripple [XRP] Interledger Protocol,thatis intendedto attractcompletely different payment ledgers andmodifythequickerprocessof cross-border transfers, the partnershipis readyto explore theways thatMojaloopcouldsupport “pro-poor payment systems.”

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Mojaloop was launched by the Gates Foundation in the month of Oct. last year and employs Interledger technology.It’sanopen sourcemobile payment platform formonetoryorganizations, govt regulators and fintechbusinessplayersgearedto marketmobile paymentswithin this developing worldand offerfinancialservices for unbankedindividualsglobally.

In line with the data provided by theWorldBank back in year 2017,there have beenaround1.7 Bln individuals that were technically unbanked,thatis roughlyabove 30%ofthe worldwidepopulation. Most of themresidelow and middlefinancial incomedevelopingmarkets anddon’thave literal access to regular bankingbecause ofan absenceof clear identificationinfo.

With blockchain-powered platforms, underbankedpeoplewillreportedly receive a digital identityto be usedin their banking,merelywiththe assistanceof their smartphones,whereasbiometricscanprocessthe remaining work.

Coil,thatwasformedby former Ripple CTO ‘Stefan Thomas’,isbased on theInterledger technology. The subscription platformpermitsusers to monetarily support content creatorsadditionallytodominantads and streamliningthe web sitepaywallmethod.