Ripple has signed a public commitment to set aside money and resources for social impact initiatives.
The payments and exchange network has signed up to Pledge 1%, an organisation that aims to connect CEOs, social impact leaders, investors, banks, exchanges and other stakeholders to make social impact the norm.
Through the partnership, Ripple has committed to building on its established pedigree for driving social impact and philanthropy, by pledging 1% of profits to improving access to financial services, scaling carbon markets, employee driven local impact and advancing blockchain innovation.
In 2018, Ripple launched Ripple Impact and has already donated more than $180 million to support initiatives relating to building financial resilience in emerging markets, delivering humanitarian aid, and championing blockchain research.
“Joining Pledge 1% reflects Ripple’s commitment to creating meaningful change through partnership and collaboration with mission driven organisations,” Ken Weber, vice president of social impact and sustainability at Ripple, said in a statement.
“Our goal is to build a more inclusive and sustainable financial system by leveraging Ripple’s resources, technology and talent. We are proud to stand alongside a growing global community of companies dedicated to creating lasting impact.”
The latest announcement follows Ripple’s pledge of $100 million to scale voluntary carbon markets and funding new solutions that enhance transparency and efficiency in carbon credit trading.
“Ripple has long demonstrated leadership in leveraging blockchain technology for social good and philanthropy,” Jan D’Alessandro, chief legal and philanthropy officer at Pledge 1%, said in a statement.
“With a proven track record of advancing financial inclusion, supporting humanitarian aid, and driving innovation through impactful programs like UBRI, we are thrilled to welcome Ripple to the Pledge 1% global movement and look forward to the impact they will continue to make.”