For those who are not familiar with it, Ripple is both, a platform and a cryptocurrency. As a platform, it enables cheap and faster transactions. There is speculation that Ripple may one day rule the international blockchain transactions worldwide. Jed McCaleb conceived ripple, and the same was built by duo Arthur Britto and David Schwartz who sought the assistance of Ryan Fugger, who was a financial service provided to secure payment options to members of an online community via a global network. He was also the developer of Open Coin.
In the latest report, it is found that Ripple will be donating a sum of $1 million to a non-profit organization, ‘Tipping Point’ Since the year 2005, Tipping Point has raised more than $260 million to educate, employ, house and support the needy in the Bay area of San Francisco. Tipping Point is involved with needy people and helps them support their livelihood.
One of the articles released by Ripple states that more than 75% of the World’s population are living in poverty and do not have access to banking, which in turn means, that they have no savings, and have no access to bank loans or even credit card facilities.
The main objective of Ripple teaming up with Tipping Point, and making a donation is to bring financial stability in the Bay area and to bring about financial inclusion and at the same time lower the poverty level.
Reportedly, Ripple is known to have done charity in the past as well. It seems that Ripple launched a program called ‘Ripple for Good’ last year with the main objective of supporting education and financial inclusion of people across the globe. The Ripple has also donated about $29 million worth of crypto tokens to public schools. Ripple’s charitable efforts are extensive and long-standing, and the $1 million in funding will surely be a great boost to Tipping Point’s mission.
One of the blog posts read:
“As part of our partnership, Ripple will work collaboratively with Tipping Point to explore ways to make the Bay Area more financially equitable and inclusive. We’ll put our heads together with experienced leaders from Tipping Point and its amazing grantee organizations to focus on increasing economic mobility for Bay Area workers and families upward.”
New reports suggest that Tipping Point has already begun its philanthropic work in the bay area of helping the poor. It seems that the non-profit organization has already managed to raise around $250 million and intends to spend the same on varied needs which include providing employment opportunities for the people in the area, as well as providing education and housing facilities.
Not only the company but also the staff of Ripple are enthusiastically supporting the charitable initiative by donating a part of their own funds in what is called a dollar-to-dollar principle.
For every dollar donated by the staff of Ripple towards the Tipping Point charity, the company will match two dollars in corporate donations.