Ripple’s 2023 Impact Report showcases significant achievements, including $185 million in donations since 2018, $25 million in grants in 2023, tokenization of 1 million carbon credits, and advancements in financial inclusion.
The report highlights Ripple’s ongoing commitment to social and environmental initiatives. Since its establishment in 2018, Ripple Impact has concentrated on financial inclusion, blockchain research, and sustainability, marking notable progress in these areas over the past year.
### Financial Inclusion Efforts
Ripple has made substantial strides in expanding financial access for marginalized populations. Through collaborations with entities like the Mojaloop Foundation and the Lab for Inclusive Fintech at the University of California, Berkeley, Ripple has endeavored to deliver financial services to the unbanked and underbanked.
Continued partnership with Mercy Corps Ventures resulted in six new investments in early-stage companies and five pilot programs in 2023. These initiatives have benefited more than 3 million underserved individuals with essential financial products and services.
### Advances in Blockchain Research
Ripple’s University Blockchain Research Initiative (UBRI) continues to drive innovation in blockchain technology. The initiative expanded its global network by adding seven new academic partners across Europe, Canada, and Australia in 2023.
In support of blockchain education, Ripple allocated $6.7 million in grants, funding over 300 scholarships and fellowships. This investment has led to the publication of 153 research papers and technical projects. The largest UBRI Connect conference to date was hosted in Toronto, Canada, drawing record attendance and fostering collaboration within the field.
### Commitment to Sustainability
Ripple remains a leader in sustainability within the fintech sector, with a goal of achieving net zero emissions by 2030. In 2022, Ripple committed $100 million to advance global carbon markets, including investments in high-quality carbon removal projects and grants to climate-focused NGOs.
Ripple’s initiative also includes co-founding Centigrade, a company dedicated to enhancing the availability of durable carbon credits. Additionally, Ripple successfully tokenized 1 million carbon credits on the XRP Ledger, further supporting its commitment to environmental sustainability.
### Employee and Global Impact
Ripple’s employees have demonstrated significant engagement in community service, with 77% participating in giving and volunteering programs. Recognized in People’s 2023 “100 Companies that Care” list, Ripple received the Beyond the Check Award for its partnership with the Eat. Learn. Play. Foundation.
In London, Ripple launched a new collaboration with Great Ormond Street Children’s Hospital Charity. In response to humanitarian crises, Ripple allocated grants to support recovery efforts following earthquakes in Turkey and Syria, as well as wildfires in Maui, Hawaii.
### Community Reactions and Regulatory Discussions
The Ripple community has been actively discussing the company’s strategic decisions. Speculation about Ripple potentially hindering XRP’s path to its all-time high of $3.84 due to monthly sales and impacts on retail liquidity has been debunked.
A Stanford paper highlighted Ripple’s strategic significance and critiqued regulatory delays in the U.S., prompting discussions on the nation’s cryptocurrency regulatory approach.
*Disclaimer: This content is for informational purposes only and should not be construed as financial advice. The opinions expressed in this article are the author’s own and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions.*
