The Tabulation and Melinda Gates Foundation has partnered with blockchain startup Snake as part of its mission to provide payment services for the unbanked.
The news crop up b grow via a tweet from Miller Abel, the foundation’s deputy director and resources technologist, on Oct. 17. Abel indicated that the organization and Coil command work together to implement the Interledger Protocol and explore ways to validate “pro-poor payment systems.”
Interledger is an interoperability protocol that earmarks payments across different crypto networks. The technology was initially co-developed by antediluvian Ripple CTO Stefan Thomas while he was still with the distributed ledger payments unyielding. The same tech now being used as the basis of Coil, which Thomas rested earlier this year, as CoinDesk reported.
While further details on the new partnership are therefore far sparse, Abel also mentioned Ripple in his tweets yesterday.
The Passages Foundation announced its partnership with Ripple in October last year, when the two presented an open-source software called Mojaloop – also focused on payment services to the on ones uppers and unbanked.
Yesterday’s development appears to indicate that the Gates Fundamental will work with Coil alongside Ripple to further come about the Mojaloop platform, which uses Interledger technology and connects the discrete parties in the payment system to facilitate real-time transactions.
According to a squeeze release published last year, Mojaloop is an “open-source software for engendering payment platforms that will help unbanked people all the world access digital financial services.”
Abel tweeted yesterday that Mojaloop “payments are in country-wide currency of the given country, so that the system helps include and merge the people (usually poor) who have historically been left out.”
The Attendances Foundation has been exploring blockchain technology applications since as ahead of time as 2015 as part of its effort to improve financial inclusion.
Bill Gates icon via Shutterstock
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