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Foundation of Bill Gates and Ripple (XRP) stand together for unbanked

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Ripple
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Ever since the inception of Ripple in the crypto market, it has been doing exceptionally well. Ripple (XRP) has created great projects that stand to benefit not just the crypto market alone, but the world at large. Within a short period, Ripple has stamped its position as one of the biggest cryptocurrencies in the world, and every day, it is bagging lots of partnerships in the Fintech industry. Late last year (2017), it bagged a mega-partnership with the Bill and Melinda Gates Foundation.

Ripple’s Partnership with the Gates Foundation

The Gates Foundation is an organization that is poised to improve the standard of people in developing countries.

In the quest to improve the standard of living of people and the economy of developing countries around the world, the Gates Foundation partnered with Ripple to release an open-source blockchain software called Mojaloop for the unbanked people on October 16th, 2017.

According to the world bank, there are 2 billion people in the world who don’t have access to bank accounts. Due to the rate of unbanked people in the world, the Gates Foundation decided to use Ripple’s blockchain technology to create Mojaloop – a software that aims to establish an interoperability layer between payment providers and financial companies for the unbanked people.

Furthermore, the interledger protocol was produced by Ripple, and it is used for transactions between institutions that offer financial services. It is necessary to know that Mojaloop is a result of Ripple’s Level One Project.

For two years, the Gates foundation noted the use of this technology – particularly its ability to bridge the disengaged systems of finance.

The Foundation’s Deputy Director of Financial Services said,

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.” 

With Monjaloop, anyone can transfer funds to accounts, and not just for people who are banking with a precise financial institution. To foster the growth of an economy, Monjaloop can be used to connect with banking institutions, customers, bank merchants, and so on. This interconnection will also enable easy transactions between different people in a particular economy.

Additionally, Monjaloop is free to use, and the Foundation, including Ripple, is encouraging developers to make use of the software to enhance the adaptation of services.

With the financial support from the Gates Foundation, ModusBox, Software Group, and Crosslake Technologies collaborated with Ripple to develop Monjaloop.

How does this partnership benefit Ripple?

Ripple’s partnership with the Gates Foundation is excellent not only for it alone, but for other blockchain startups in the crypto market as well. The Gates Foundation is a reputable organization that solves global problems. The Gates family owns the Foundation, and it can take blockchain apps to the next level.

At the time of writing this article, Ripple is priced at $0.48300 after it rose by 5.48% in the last 24 hours. Ripple (XRP) is a futuristic company, and more of these partnerships will put Ripple and other cryptocurrencies into the mainstream. Good for all, great for Ripple!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Wikipedia Commons

Altcoins

AZ FundChain Offers a Compelling Alternative to Traditional Crowdfunding

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AZ FundChain
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Although many tokens have collapsed during the ongoing altcoin apocalypse, the future remains bright for applications with real world usage.  Because of the ongoing bear market and limited trading opportunities, analyzing businesses with the potential to experience real world adoption should be the priority.  Part of that analysis should include looking at industries that need improvement.  During my analysis, one area that quickly popped up is the field of traditional crowdfunding and money circles.  And, as it turns out, AZ FundChain application offers a compelling alternative.

Problems with Traditional Crowdfunding

President Obama’s JOBS Act essentially laid the ground work for crowdfunding.  This legislation was passed in 2012 and included a provision for large groups of anonymous investors to fund startups.  It essentially gets around the dreaded “qualified investor” requirement that created a barrier for so many potential participants.  Crowdfunding is a great way for non-traditional businesses to raise funds for operating capital.  It certainly beats having to beg a bank for a loan, or, even worse, a loan shark.

But, as the common cliché goes, no good deed goes unpunished.  Traditional crowdfunding and money circles certainly have their fair share of problems.  The biggest problem is trust.  There are essentially very little checks and balances when it comes to how these companies will use the money that is raised.  Companies can promise the world but may not deliver…

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Why no one should be using banks

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why no one should be using banks
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If government is the devil, the bank is a demon.

It’s not your money anymore.

The moment you put your money on your bank account it becomes the property of the bank. Legally speaking you have just lend your money for minuscule interest. And since the money is not your, terms do apply, so you cannot withdraw all of them in one day, if the amount is high.

Government will know everything

Today banks are obligated to tell the authorities everything they know about you, including how much money you have, how you got it and where you spend it. The golden age of bank secrecy is over. Of course if you are a law abiding citizen, you might think that you have nothing to hide, but it’s not about hiding stuff. It’s about basic human right, and rightness for private life. The government should not be allowed to watch you.

Banks ask too many stupid questions

It’s your money, you rightfully earned them, but still you need to explain to the bank where you got it from and be shamed by them. The funny part is that after long and painful due diligence process the bank may still decline in providing service for you.

They can legally suspend your account or even steal your money

Laws are not made to protect people, they are made to protect the…

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Neteller to Launch a Crypto Exchange

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Neteller
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The way to make sure that the cryptocurrency momentum continues and that cryptocurrency credibility occurs is when big companies begin offering services based around cryptocurrency and other features of blockchain. This was certainly the case when Neteller recently announced it will offer a cryptocurrency exchange service in addition to its digital wallet services. The company announced that the 28 currencies compatible with the fiat wallet were able to buy, sell, and hold cryptocurrencies – including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. It makes sense to begin with Bitcoin and Ethereum as they are seen as the originators of what cryptocurrency and blockchain can do and also the future of how blockchain can be used, despite news that Ripple may be set to topple them all. Neteller’s move into cryptocurrency shows it has its sights set on a bright future of cryptocurrency and making it more accessible. But where do they stand now?

Neteller and Cryptocurrency

Neteller are optimistic about the exchange features of the digital wallet, claiming that they plan to add more cryptocurrencies in the near future. Neteller’s benefit is the ease at which one can begin their cryptocurrency trading journey. Not only do a range of banks offer services to fund the wallets and exchanges, but so do a variety of online payment options. This helps remove the barrier to entry that exists in…

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