Ripple is a San Francisco headquartered fintech firm, known to provide cross-border payment services to multinational businesses across the world. Ripple’s independent team Ripple Labs manages the XRP ledger, a Proof-of-stake (PoS) blockchain network. XRP is the native token of XRP Ledger. Ripple uses XRP coin to provide cross-border payment services.
Ripple has made ambitions to help the over 3.7 billion people who lack access to banking services or have insufficient banking. On Earth Day, the business stated that it considers climate change to be one of the century’s most serious issues and that blockchain innovation in carbon markets might aid in achieving global environmental goals.
To complete this initiative, Ripple has collaborated with several fintech companies, foundations, academic institutions, social entrepreneurs, and non-governmental organizations (NGOs) since 2018. The participants of the initiative are already operating in more than 80 countries and have already raised $150 million in donations.
The use of cryptocurrencies and blockchain technology may increase the economic participation, possibilities, and sustainability of the billions of people who do not have access to financial services. Ripple believes that the problem can be remedied in two ways: by providing low-cost, always-on money transfers in emerging nations and by creating a CBDC platform for governments looking to enhance financial inclusion.
Through more effective financial inclusion, the use of Central Bank Digital Currency (CBDCs), and other initiatives, Ripple hopes to eliminate carbon emissions by 2030.
Ripple has committed to providing sustainable energy sources to the blockchain community in addition to becoming an effective blockchain network itself.
Ripple is in communication with more than 20 Central Banks to provide support & technical direction for the creation of CBDC. The Ripple team is committed to making blockchain technology available for usage in all industries.
Since December 2020, Ripple and the Securities and Exchange Commission (SEC) of the United States have been engaged in a legal battle over the characteristics of the XRP token, but the company has not shifted its attention away from its overall goals.