Ripple, a U.S.-based remittance network built on a distributed open source protocol, announced on March 7 that it is partnering with the non-profit organization Tipping Point through a $1 million grant aimed at alleviating poverty in the San Francisco Bay Area.
The grant will be used to provide basic needs to struggling families in the area. This is one of the initiatives undertaken by Ripple to create positive change in the world.
Ripple said in the announcement:
“We’re excited about our new partnership with Tipping Point and the opportunity to listen and learn and to work together to make our community more livable, affordable and equitable.”
Charity Begins at Home
While Ripple is committed to making a positive impact worldwide, it found it imperative to start by making a change in its own backyard “where households earning less than $117,000 per year are considered low income.”
Ripple noted in the press statement that there is a widening gap in wealth inequality in San Francisco and the surrounding Bay Area. The statistics to support this claim are as follows:
- 33 percent of the population in the Bay Area cannot meet their basic needs.
- Five minimum wage jobs are required to make ends meet in the region.
- The Bay area has added 750,000 jobs over the past years but only added 167,000 housing units.
Based in San Francisco, Ripple and its employees care about their community and reached out to Tipping Point to find if there was any way they could help the people in the community in which they live and work.
Ripple will work together with Tipping Point to find new ways to make the Bay Area more financially inclusive and equitable. The two organizations will also collaborate to improve economic mobility for the region’s workers and families.
Ripple employees are keen on helping Tipping Point and its grantees through personal donations. Ripple, which has a culture of matching donations made by its employees to any non-profit organization on a 1:1 ratio, and will match its employees’ donations to Tipping Point on a 2:1 basis.
Tipping Point is a not-for-profit organization that works to fight poverty through several initiatives focusing on employment, education, housing, and early childhood.
The organization has already raised more than $150 million since 2005. Tipping Point helped 21,000 people in 2018 alone to transition out of poverty.
More Crypto Firms Engaging in Social and Charitable Initiatives
Crypto firms are showing signs of maturity as they are playing their part in assisting communities and helping fight diseases and offer relief in times of distress.
In July last year, cryptocurrency exchange Binance donated $1 million to victims affected by the West Japan floods. The exchange launched Binance Charity Foundation (BCF), its philanthropic arm that has helped landslide disaster victims in Uganda.
Tron pledged to donate $3 million to BCF, and the money will be used to find blockchain solutions for charitable giving.