Ripple Labs Inc, a blockchain payments company, has disclosed the five main areas where it invested funds in 2022 through the Ripple Impact Initiative
In addition to its main business of facilitating cross-border payments using On-Demand Liquidity, Ripple Labs Inc has been actively pursuing other areas to make a positive impact. According to the latest report, titled “Fintech as a Force for Good,” Ripple Labs Inc has outlined the top 5 areas where it has made significant investments for the benefit of all.
One of the areas Ripple focuses on is Financial Inclusion. Ripple aims to alleviate financial burdens for a wide range of individuals. To support this mission, the company, led by Brad Garlinghouse, has invested a substantial amount, totaling $25 million since 2018, into Non-Governmental Organizations (NGOs) dedicated to promoting inclusive and fair global financial services.
The Ripple Impact Initiative’s commitment to financial inclusion is strongly reflected through its support in Africa and Latin America. In collaboration with Mercy Corps Ventures, a total of 49 investments and six pilot projects have been provided, aiming to empower individuals in these regions with improved access to financial services.
Ripple Labs Inc is making a significant impact in various key areas. These include Blockchain Research and Innovation, Sustainability and Climate Action, Employee Impact, and Global Philanthropy. Since 2018, through the Ripple Impact Initiative, the company has donated a total of $170 million. A significant portion of this funding is dedicated to addressing climate change and promoting environmental sustainability.
Ripple has formed partnerships with over 50 universities worldwide to drive blockchain research and innovation. Additionally, a remarkable 78% of its employees actively participate in volunteering and giving back to the community.
Ripple Remains Resilient Amid Ongoing Lawsuit
Despite the ongoing legal battle with the United States Securities and Exchange Commission (SEC), Ripple Labs has managed to achieve notable milestones through its giving back initiatives.
The lawsuit that Ripple Labs is currently defending itself against claims that the company participated in the issuance and sales of XRP, which the markets regulator considers an unregistered security. The case has incurred costs of $200 million for the firm, as stated by Garlinghouse. This amount exceeds what the company has spent on its philanthropic endeavors.
Also Read: Ripple CEO Garlinghouse: SEC Battle to Cost Firm $200M
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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