Besides its core business where it helps process cross border payments using the On-Demand Liquidity, Ripple Labs Inc has other focuses through which it is pushing for to make an impact. According to the latest Ripple Impact Initiative report dubbed “Fintech as a Force for Good,” the company detailed the top 5 areas it has been investing huge funds for the good of all.
One of these areas is Financial Inclusion. Ripple was established with a mission to see the financial strain lifted from as many people as possible. In its bid to achieve this goal, the Brad Garlinghouse-led firm said it has invested as much as $25 million to Non-Governmental Organizations (NGOs) working to make global financial services more inclusive and equitable since 2018.
The financial inclusion drive of the Ripple Impact Initiative is even more ingrained as 49 investments and six pilots supported in total have been supported in Africa and Latin America with Mercy Corps Ventures.
Other key areas the firm is making an impact in are Blockchain Research and Innovation, Sustainability and Climate Action, Employee Impact, and Global Philanthropy. Overall, the Ripple Impact Initiative has donated a total of $170 million since 2018, the larger portion of which is allocated to climate change eradication.
Ripple partners with more than 50 universities across the globe to advance blockchain research and innovation and in all, as many as 78% of its staff are involved in volunteering and giving back.
Ripple Undeterred by Current Lawsuit
The achievements Ripple Labs have printed with respect to its giving back initiative came despite the pressures the firm is facing with respect to its yet-to-be-concluded legal brawl with the United States Securities and Exchange Commission (SEC).
The lawsuit the firm is defending itself against alleges that it was involved in the issuance and sales of XRP which according to the markets regulator is an unregistered security. The case has cost the firm $200 million according to Garlinghouse, an amount that far supersedes what the firm has spent in giving back to the public.
Despite the strains of the lawsuit, Ripple still believes the giving to humanity is non-negotiable.