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With corporations and countries coming to invest and use the latest cryptocurrencies and exploit their benefits, The Gates Foundation is one of the first non-profit organizations to use a cryptocurrency for solving an issue.
The Foundation chose Ripple’s Inter Ledger Protocol to bring around 2 billion unbanked people to the modern world. Almost 60% of the people who do not have access to financial institutions and banks, reside in the developing countries in South Africa and even a large number of immigrants in Singapore, one of the world’s financial hubs, do not know how to open a bank account and use it. Thus, The Gates Foundation announced its latest project, Mojalpp, with the mission to connect more people to the opportunities of financial services and digitalization.
As The Foundation does research in Southeast Asia, Africa and Latin America, where most of the population is unbanked, a much needed solution was needed, as identified by the team of non-profit organization.
According to Michael Kimani and Cryptovest:
“The non-profit brought together Ripple, Dwolla, ModusBox, Software Group and Crosslake Technologies to develop Mojalopp, an open source software using Ripple’s open ILP technology. With this open technology, it is now easier to connect bank accounts, mobile wallets, and merchants in one inclusive system“.
The major advantages of the Ripple technology will be the decreased complexity of operating with money and bank account, as well as a decrease in the cost, in terms of fees and processing time.
A similar effort is made in Singapore, where a large portion of immigrants do not know and have access to bank accounts. It seems that the surge of opportunities provided by cryptocurrencies and the technologies behind them is endless. Many believe that the future of cryptocurrencies will not be in finance, but in other areas such as healthcare and real estate.