Ripple (XRP)'s 2023 Impact Report: Financial Inclusion and Climate Resilience

James Ding  Jun 19, 2024 12:08  UTC 04:08

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Ripple (XRP) has released its 2023 Impact Report, marking the fifth year of Ripple Impact since its inception in 2018. The report, according to Ripple, outlines the company's significant progress in promoting financial inclusion, expanding blockchain education, and advancing sustainability efforts.

Impact by the Numbers

Since 2018, Ripple has donated over $185 million, with $25 million allocated in grants for 2023 alone. The company has also tokenized 1 million carbon credits on the XRP Ledger (XRPL), partnered with 56 global universities, funded over 1,100 blockchain research papers and technical projects, and achieved a 77% employee participation rate in giving and volunteering programs.

Financial Inclusion

Ripple continued its efforts to support financial inclusion by funding and collaborating with NGOs such as the Mojaloop Foundation and the Lab for Inclusive Fintech at the University of California, Berkeley. Notably, Ripple’s partnership with Mercy Corps Ventures resulted in six new investments in early-stage companies and five pilot programs in 2023, reaching over 3 million underserved individuals with innovative financial products and services.

Blockchain Research & Innovation

The University Blockchain Research Initiative (UBRI) expanded its network to include seven new universities across Europe, Canada, and Australia. Ripple distributed $6.7 million in grants, which facilitated the awarding of over 300 scholarships and fellowships, and supported the publication of 153 research papers and technical projects. The UBRI Connect conference in Toronto saw record attendance, highlighting the growing interest in blockchain education.

Sustainability & Carbon Markets

Ripple has committed to achieving net zero emissions by 2030. In 2022, the company pledged $100 million to advance global carbon markets. Throughout the year, Ripple invested in high-quality carbon removal projects, provided grants to climate-focused NGOs, and co-founded Centigrade, an open data platform for durable carbon credits.

Employee Impact

Ripple’s culture of giving back was recognized by People’s 2023 100 Companies that Care list, and the company received the Beyond the Check Award at the 2023 San Francisco Corporate Philanthropy Awards. Employee participation in community volunteering doubled from 2022, with nearly $1.5 million donated through the company’s matching donation program since 2018. Ripple also launched a new partnership with Great Ormond Street Children’s Hospital Charity in London.

Global Philanthropy

In 2023, Ripple distributed $25 million in grants to over 70 universities and nonprofits, focusing on multi-year funding agreements. The company also responded to humanitarian crises, including the earthquakes in Turkey and Syria and the wildfire disaster in Maui, Hawaii.

Ripple remains committed to fostering impactful partnerships and making a positive difference globally and locally in 2024.

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