Cryptocurrency firm Ripple said three global nonprofit organizations focused on development and humanitarian efforts are using its payment solution and its stablecoin.
Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.
yesSubscribe to our daily newsletter, PYMNTS Today.
By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.
For these groups, Ripple Payments and Ripple USD (RLUSD) provide speed and transparency that enhance aid delivery and funding, especially in areas with limited infrastructure, the company said in a Thursday (Oct. 30) press release.
“Our partners and customers are redefining how urgent aid, sustainable development and financial support reach those who need it most,” Ripple President Monica Long said in the release.
Ripple Payments, which was once known as RippleNet, enables businesses to leverage blockchain easily for faster, cheaper and more efficient cross-border payments. It now has 64 active licenses and money transmitter licenses as well as 11 pending jurisdictions, according to its web page.
RLUSD is a U.S. dollar-denominated stablecoin designed for use cases like real-time global payments and tokenization of real-world assets.
World Central Kitchen, which delivers fresh meals to communities and first responders affected by natural disasters, uses Ripple Payments and RLUSD to accelerate the disbursement of funds to partners in areas that don’t have banking infrastructure.
Advertisement: Scroll to Continue
“With Ripple, we’re testing new financial technologies to settle payments in hours instead of days, even in challenging environments, allowing us to serve more communities in their most vulnerable moments,” Joshua Tripp, president of innovation at World Central Kitchen, said in the release.
Water.org, which works to improve access to safe water and sanitation, successfully piloted the use of Ripple Payments to send funds to microfinance partners in Brazil, Mexico and Peru. Now, the organization plans to do the same throughout Latin America and is exploring expanding it to Africa and Asia.
“Through our collaboration with Ripple, we’re exploring how digital payments can help us move funds more efficiently to our local partners — unlocking capital faster so more families can access the solutions they need to survive and thrive,” Gary White, CEO and co-founder of Water.org, said in the release.
Mercy Corps Ventures, which is the impact investment arm of Mercy Corps and supports tech-driven solutions for climate adaptation and resilience in emerging markets, is working with Ripple on pilot programs in Kenya that are testing how stablecoins like RLUSD can speed the delivery of aid to people facing crises.
“For families waiting on emergency cash or insurance payouts, even a few hours can make a difference — and blockchain-enabled payments are helping us close that gap,” Scott Onder, chief investment officer at Mercy Corps, said in the release.
Ripple Powers Aid Delivery and Funding for Global Nonprofits
Walmart Adds AI-Powered In-Store Search, Shopping List and Party Planner
Cities Deploy Robots as Firefighters, Tour Guides and Lawnmowers
Pinterest Launches AI Shopping Assistant and Gen AI Controls
We’re always on the lookout for opportunities to partner with innovators and disruptors.