Ripple and Mercy Corps Ventures Work Together to Boost Support for Entrepreneurs in Emerging Economies
In Brief
Ripple has officially launched 'Unlocking Opportunity' as the next step in its collaboration with Mercy Corps Ventures, dedicated to assisting entrepreneurs in emerging markets in creating effective financial resilience solutions through the use of blockchain and fintech.
Digital payment network and protocol Ripple Ripple has announced the introduction of 'Unlocking Opportunity' as the subsequent phase of its alliance with Mercy Corps Ventures (MCV), focusing on providing support to small and medium-sized enterprises (SMEs) and entrepreneurs in emerging markets. This initiative aims to build financial resilience solutions leveraging blockchain and fintech technologies.
MCV operates as the impact investment division of Mercy Corps, a globally esteemed organization committed to development and humanitarian aid. They possess significant insight into impactful startups in frontier markets, assessing over 1,500 startups each year, and supporting entrepreneurs whose innovations tackle key issues surrounding financial inclusion.
The broadened partnership will deliver both financial and technical assistance from Ripple to fintech companies and SMEs, particularly those utilizing the XRPL and Ripple's upcoming products like the Ripple USD stablecoin (RLUSD). The collaboration will focus on enhancing financial inclusion applications such as savings, remittances, micropayments, and tokenizing real-world assets (RWAs). XRP Ledger Ripple has pledged over $5.5 million to help Mercy Corps Ventures facilitate transformative and scalable solutions within this sector.
Ripple 'Unlocking Opportunity' Kicks Off With Crypto for Good Fund, Providing Grants Up To $100,000
The 'Unlocking Opportunity' initiative begins with Mercy Corps Ventures' recent Crypto for Good Fund, which offers equity-free grants of up to $100,000 to support practical Web3 applications in the Global South. The fund prioritizes projects like decentralized finance (DeFi) loans, real-world asset tokenization, savings and payment solutions, and stablecoin initiatives for humanitarian assistance. Applications for this funding opportunity are now open.
On December 3rd, Mercy Corps Ventures and XRPL Commons will host a webinar for innovators interested in leveraging the XRP Ledger for their applications to the Crypto for Good Fund. Given its low transaction fees, high scalability, and impending launch of an Ethereum Virtual Machine (EVM) sidechain, the XRPL serves as an excellent platform for fintechs aiming to create cost-effective and accessible financial solutions.
Previous initiatives funded by the Crypto for Good Fund include Ejara’s tokenization of bonds from the Cameroonian government, which created a low-risk, high-return savings option for unbanked micro, small, and medium enterprises, benefiting over 11,000 savers in its trial run. Another notable project included a climate risk financing pilot by DIVA Donate, which utilized stablecoins, smart contracts, and cryptocurrency to assist farmers in the Horn of Africa.
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Disclaimer
In line with the Trust Project guidelines Alisa, an enthusiastic journalist at Metaverse Post, specializes in cryptocurrency, zero-knowledge proofs, investments, and the vast domain of Web3. With a sharp eye for emerging trends and innovations, she provides in-depth coverage to keep readers informed and engaged in the rapidly changing landscape of digital finance.
