Coil, Ripple and The Bill and Melinda Gates Foundation Partner to Serve the Poor

Miller Abel, the Principal Technologist of The Bill and Melinda Gates Foundation has tweeted about their partnership with Coil and their planned deployment of Mojaloop. The latter is an open source software where users can create payment platform. Even though the foundation is yet to back his tweet, this is a major development for XRP and Ripple. 

We are partnering w/ @ripple and @coil to implement the #Interledger Protocol & explore ways #Mojaloop can support pro-poor payment systems. #githubuniverse

— Miller Abel (@MillerAbel_) October 17, 2018

Coil and Mojaloop

This is wonderful development for backers of XRP and Ripple. As it stands, Coil—which was founded by Stefan Thomas the former CTO of Ripple, is a micropayment app that integrates XRP and the InterLedger protocol. According to Stefan Thomas, the use of InterLedger will make the web a more vibrant place where coders of app and creators of content would be rewarded for their effort. In the meantime, Mojaloop is an open source software specifically meant for governments, regulators and financial institutions ready to take on the “challenges of interoperability and financial inclusion”, scale and support the poor. With Mojaloop, users can send and receive XRP or any other digital payment regardless of the type of account in possession.

Even if there are no clarification on whether Mojaloop will integrate XRP or other coins as their intention is to enable fluidity through interoperability, it will most likely make use of RippleNet as a medium of accessing new region not served by dominant payment systems. This new partnership is part of The Bill and Melinda Gates Foundation’ Financial Services for the Poor initiative geared towards financial inclusion and expansion of financial services to all and sundry. 

Benefits of the Partnership

However, the main objective of this drive is to develop “pro-poor, digital payment systems” that is reliable, accessible, valuable and affordable. The overall objective being the development of a platform where individuals or businesses can easily buy and sell. To open up these regions and promote interoperability, the foundation is opening up opportunities for companies outside the traditional banking setup allowing for flexibility and near free transactions.