The Bill and Melinda Gates Foundation has announced they have partnered with Coil, a blockchain startup to offer payment services for the unbanked.
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Miller Abel, the foundation’s deputy director and principal technologist, stated they will implement the Interledger Protocol to research methods to encourage “pro-poor payment systems.”
— Miller Abel (@MillerAbel_) October 17, 2018
Interledger, initially co-developed by Stefan Thomas, Ripple’s former CTO, permits payments to cross separate cryptocurrency blockchains. The protocol will now be utilized by Coil, the firm Thomas founded earlier this year.
The Gates Foundation publicized a partnership with Ripple in October 2017, releasing Mojaloop, an “open-source software for creating payment platforms that will help unbanked people around the world access digital financial services.”
Mojaloop “payments are in national currency of the given country, so that the system helps include and integrate the people (usually poor) who have historically been left out.”
The exploration of blockchain technology isn’t a new venture for the Gates Foundation. The organization has explored disturbed ledger technology use cases since as early as 2015 as part of its continuing effort to advance financial prosperity worldwide.
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