In a bid to provide payment services for unbanked people around the world, the Bill & Melinda Gates Foundation has entered into a partnership with a blockchain startup known as Coil. The news was first announced by Miller Abel, the deputy director of the gates Foundation.
On the 17th of October, he announced that the Gates Foundation will be entering into partnership with Coil. The aim of the partnership, according to him is to implement the interledger protocol and discover new ways to promote pro-poor payment systems.
What Is The Interledger Interoperability Protocol?
The Interledger is an interoperability protocol that enables swift payments across various cryptocurrency networks. Stefan Thomas, the former CTO of Ripple was the one who developed this protocol while he was working with Ripple.
The technology is now the basis of his startup – Coil. Vivid details about the partnership is yet to be released to the public. However, Ripple was mentioned in the tweet by Miller yesterday.
In October last year, gates Foundation announced that it was entering into a partnership with Ripple. Both parties were to come together to release Mojaloop – an open-source software aimed at providing the poor and unbanked people of the world with payment services.
The announcement by Miller, yesterday confirms that the Gates Foundation is going to work with Coil and Ripple to develop this platform. The Majaloop uses interledger technology to connect various parties and facilitate transactions in real-time.
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Last year, the Foundation made a press release that gave more insight on the Majaloop platform. It stated that the platform is specifically for the poor and unbanked people of the world.
The idea is to give them access to efficient digital financial services. After posting the announcement yesterday, Miller said that Mojaloop payments will be made in the native currency of each country so that everyone, especially the poor, will have access to it.
Exploring Blockchain Since 2015
This isn’t the first move the Gates Foundation has made towards blockchain technology. In 2015, they started exploring this emerging technology looking for ways it can be used to promote their goal as a foundation and improve the traditional financial institutions.