Water.org partnership with Ripple reaches 1 million people in Latin America
The collaboration has reduced transaction fees by up to 66 per cent through the use of blockchain and stablecoin infrastructure.
A partnership between Water.org and Ripple has provided more than 1 million people in Latin America with access to water or sanitation financing, according to a Ripple press release reported by the Times of India.
The collaboration uses Ripple’s payments, stablecoin and digital asset custody infrastructure to move funding more quickly and cheaply across emerging markets.
By using Ripple’s technology, transaction fees have been cut by up to 66 per cent, and settlement times in Mexico and Brazil have dropped from two or three days to the same day.
Ripple has committed $6 million over three years to support the WaterCredit model, which helps families access affordable loans for toilets, taps and piped water connections.
Water.org co-founder and CEO Gary White said the problem is not a lack of funds but the way money flows to families living in poverty.
The nonprofit, co-founded in 2009 by Gary White and Matt Damon, aims to reach 200 million people with safe water or sanitation by 2030.
