Cryptocurrency titans are dedicating money and resources to use blockchain technologies as a force for massive social change. Ripple just announced its social impact program, Ripple for Good, a new commitment to support projects related to education and fintech, while Binance and Tron unveil a new initiative to support the United Nations.
Ripple for Good donations will top $100 million as the company aims to drive innovation in STEM and fintech, and spur adoption of blockchain and cryptocurrencies through the University Blockchain Research Initiative (UBRI), a collaboration with top universities around the globe to accelerate academic research, technical development and innovation in blockchain, cryptocurrency and digital payments.
The nonprofit will focus on innovation in business and finance, computer science, law and policy and other relevant fields, supporting impactful applications and real-world use cases with the potential to scale and shape social change.
Ripple is allocating $25 million in donations in addition to more than $80 million in recent donations.
“If we are truly committed to transformative global change, we will work to help ensure that innovations in banking and global payments are available everywhere to everyone, among unbanked and underbanked populations and in economies and economic sectors that serve the greater good. Our goal is to deliver on the promise of an Internet of Value for all,” says Ken Weber, head of social impact for Ripple.
Ripple for Good will collaborate with RippleWorks, a nonprofit co-founded by Chris Larsen and Doug Galen. Galen says, “RippleWorks has worked on 70 projects in 55 countries to improve the lives of over three million patients, six million students and 250 million people.”
Ripple’s outreach is part of a larger trend in the cryptocurrency community to develop blockchain solutions to improve the lives of everyday people by disrupting the concentration of wealth.
Coinbase CEO Brian Armstrong launched GiveCrypto in July. The nonprofit distributes cryptocurrency to spur social movement and fight poverty.
Binance, the world’s largest cryptocurrency exchange, has also announced the launch of Blockchain Charity Foundation (BCF), a not-for-profit organization that aims to achieve the UN 2030 Agenda and Sustainable Development Goals (SDGs) through the use of blockchain technology.
BCF is supported by Tron and is partnering with the United Nations Development Programme (UNDP) to diminish the huge wealth disparity that persists worldwide.
A wonderful moment at #UNGA in NYC, @BinanceBCF & @UNDP established a new partnership on how to utilizing #blockchain technology to achieve #SDGs , witnessed by @presidentMT & @WPLGlobalForum . Also welcome @mercycorps_uk & FCSSC joint BCF's Senior Advisory Board. pic.twitter.com/WrMf4Pq5mH
— Binance Charity Foundation (@BinanceBCF) September 24, 2018
Head of BCF Helen Hai says, “Working with UNDP, our aim is to eradicate poverty and empower and bring prosperity to millions who are marginalized and living in poverty.”
Industry leaders will collaborate with Binance and Tron to contribute to SDG achievement.
— Justin Sun (@justinsuntron) September 25, 2018
Says Haoliang Xu, Assistant Secretary General of the United Nations and Director of the Regional Bureau for Asia and Pacific at the UNDP,
“We believe that blockchain is a technology that can have a huge impact in the developing world in numerous ways. We are excited to see the strong commitment from BCF to work with UNDP to explore how blockchain technology can help develop solutions to some of the most difficult development challenges in Asia and the Pacific.”
BCF also unveiled a decentralized charity platform that can track each donation from donor to end beneficiaries.