Bill and Melinda Gates Foundation’s Deputy Director and Principal Technologist Miller Abel tweeted that the foundation is partnering with Ripple Labs Inc. and digital payments firm Coil. The partnerships’s motto is to implement the Interledger Protocol.
Ripples’s Interledger Protocol will enable faster processing of cross-border transfers and is able to connect different payment ledgers.Further, the partnership will help Mojaloop in exploring ways that can support “pro-poor payment systems.”
— Miller Abel (@MillerAbel_) 17 October 2018
A Symbiotic Partnership
The partnership is crucial for Ripple to co-develop with Coil as it lets Ripple enter new type of market which was difficult before.
Miller also clarifies that Mojaloop did not use XRP token and that Mojaloop uses Interledger Protocol to settle payments between customers of different mobile money services.
1) Glad to see all the curiosity! Yes I am real. 😄 No Mojaloop is not using XRP.
— Miller Abel (@MillerAbel_) October 18, 2018
Gates Foundation launched Mojaloop last October. It It is an open-source mobile payment platform for financial organizaitons, government regulators and other fintech industry players in the developing world.
According to World Bank, there were about 1.7 billion adults who were technically unbanked because of lack of proper identity information. This accounts for 30% of the population. Thus, Mojaloop stretches to provide financial services for unbanked people around the world by providing digital identity. The process involves only smartphones, while biometrics take care of the rest.
Source: ethereumworldnews, cointelegraph, twitter
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