Ripple Labs Taps UC Berkeley for Global Financial Inclusion

• Ripple backs LIFT at UC Berkeley, aiming to harness fintech for global financial inclusion and benefit underserved communities.
• With NGOs like CARE, LIFT’s research delves into Digital ID’s role in finance and fintech’s response to pandemics.
• Amid market shifts, Ripple’s XRP shows promise for reversal, while LIFT gears up for a significant conference on digital finance in 2024.

In the dynamic world of fintech, blockchain, and cryptocurrencies, the challenge of harnessing these technologies for global good is ever-present. Ripple, one of the leading players in the crypto arena, is making strides toward using its influence for a larger purpose, advancing financial inclusion. Through a partnership with UC Berkeley’s Lab for Inclusive FinTech (LIFT), Ripple seeks to unlock the potential of digital financial technologies to uplift underserved communities across the globe.

Founded in 2021 with backing from Ripple, the LIFT initiative is spearheaded by UC Berkeley’s Institute for Business and Social Impact (IBSI) at the Haas School of Business. According to their recent blog post, the endeavor results from combined efforts with the Center for Effective Global Action (CEGA) and the Blum Center for Developing Economies. Their combined mission is focused on research, experiential learning, and community engagement to create a more inclusive and sustainable digital economy.

Laura Chioda, Research Director of LIFT, shed light on their priorities, stating :

With rapid technological progress, there’s an urgent need to ensure these advancements are tailored to benefit all, especially the vulnerable. That’s where research and evaluation play a pivotal role.

LIFT’s extensive research collaborations with NGOs such as CARE, Mercy Corps, and the UN World Food Program have allegedly yielded impactful insights. LIFT is reportedly committed to learning more about digital IDs, how they help people access financial services, and how fintech can be a valuable tool during pandemics. They want to bridge the gaps in their knowledge about these technologies.

Preparing the next generation to ride this wave of innovation is crucial. LIFT, in association with the Blum Center, offers many student engagement and training activities. Their recent “FinTech for Social Good” Big Ideas Contest is a testament to this, enabling students to propose fintech solutions for societal challenges.

As 2024 approaches, LIFT is already setting its sights high. With a major conference planned for December, the discussion topics would revolve around humanitarian aid delivery, digital wallets, and embedded finance, among others.

XRP, Ripple’s flagship cryptocurrency, remains a significant player, with its current price hovering around $0.497966. Despite a challenging market, seeing a retracement from $0.82 to $0.46 in recent months, the signs of a potential reversal look promising.