Gates Foundation Partners Ripple and Coil To Enhance Financial Access
Gates Foundation Partners Ripple and Coil – Bill & Melinda Gates Foundation is partnering with Coil with a view of enhancing financial access for the underprivileged communities.
Miller Abel, the principal technologist and a deputy director at Bill & Melinda Gates Foundation announced this. This was later confirmed by the blockchain startup which was founded by a former chief technology officer of Ripple, Stefan Thomas.
Gates Foundation provided the funding which financed the development of MojaLoop. Apart from Ripple, other firms which were involved in developing the pro-poor payment system included Crosslake Technologies, Software Group, ModusBox and Dwolla.
For the project, ways of using open source payments software MojaLoop to enable disbursement systems geared towards the poor will be explored.