Ripple Partners with IRC to Aid Crisis-Affected Communities

TL;DR

• Ripple has teamed up with the International Rescue Committee (IRC) to bolster humanitarian initiatives.
• The partnership focuses on enhancing cash relief programs and facilitating fund transfers while assessing how the forthcoming stablecoin (RLUSD) can improve aid distribution in areas with limited banking facilities.

Ripple’s $1 Million Multi-Year Commitment

Ripple recently partnered with the International Rescue Committee (IRC), a leading global humanitarian organization. The primary aim of this collaboration is to assist individuals affected by crises in their journey to “survive, recover, and rebuild their lives.”

Additionally, the collaboration will examine how Ripple’s cross-border payment technology and forthcoming stablecoin (dubbed RLUSD) can be utilized for this purpose.

The initiative is backed by a $1 million multi-year investment from Ripple. “This funding highlights their collective examination of blockchain technology, particularly Ripple’s global payments framework and open-source solutions grounded in XRP Ledger, focusing on cash relief programs and cross-border transfers,” the announcement specifies.

Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, commented that this agreement with the IRC signifies an “important milestone” for the company to harness blockchain innovations for a constructive global impact. 

“We look forward to leveraging the IRC’s extensive experience in providing on-ground aid, which will empower Ripple to support humanitarian efforts on a larger scale. By integrating our comprehensive payment solutions with the IRC’s expertise, we aim to improve access to essential resources swiftly, safely, and extensively for vulnerable communities,” he added.

David Miliband, President and CEO of the International Rescue Committee, also contributed to the discussion. He emphasized that the IRC is eager to explore innovative solutions to assist communities in need.

“We’re thrilled to partner with Ripple, a recognized leader in blockchain payments, to investigate how their technologies, such as stablecoins, can enhance the speed and efficacy of cash relief, especially in regions where traditional banking infrastructure is minimal during crises,” he stated.

Ripple and Mercy Corps

This is not Ripple’s inaugural collaboration with a renowned humanitarian organization. In 2020, it announced a $10 million contribution to Mercy Corps, an organization active in conflict zones, areas affected by natural disasters, and regions confronted with poverty. Ripple’s financial support was intended to “broaden financial inclusion and elevate economic empowerment around the globe.”

Post the partnership, Mercy Corps initiated projects utilizing digital financial technologies to integrate individuals from emerging markets into the global economy.

“The current financial system is fragmented, outdated, and exclusionary – leaving 1.7 billion individuals without banking services, while disproportionately affecting women. Emerging fintech, crypto, and blockchain technologies possess the potential to radically transform this landscape, yet significant risks persist for the world’s most vulnerable populations if their needs are overlooked during the design and deployment of these new technologies,” stated Scott Onder, Senior Managing Director at Mercy Corps Ventures, during that time.