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Title: Ripple Pilot Insures 517 Kenyan Pastoralists With $RLUSD—Next Phase Already Funded
Ripple has successfully concluded its drought insurance pilot in Kenya, insuring a staggering 517 new pastoralists with $RLUSD. This remarkable achievement marks a significant milestone in the company’s efforts to leverage blockchain technology for humanitarian purposes.
As part of this initiative, Ripple, in partnership with Mercy Corps Ventures and DIVA Donate, utilized blockchain to facilitate aid delivery and improve financial inclusion. The endeavor aimed to provide critical support to Kenyan pastoralists, who rely heavily on their livestock for income, by offering a data-driven approach to drought insurance.
The pilot program’s success is particularly noteworthy considering its innovative methodology. By employing the Normalized Difference Vegetation Index (NDVI), Ripple was able to assess vegetation health and density in real-time, releasing $75 RLUSD tokens to each insured pastoralist whenever insufficient vegetation for grazing is detected.
The 517 newly onboarded pastoralists will be protected by this groundbreaking initiative, with a significant 70% of these individuals being women. This empowerment of female pastoralists serves as a testament to Ripple’s commitment to promoting financial inclusion and addressing the pressing issues faced by marginalized communities.
Ripple has consistently demonstrated its dedication to fostering a more sustainable future through its philanthropic endeavors. As part of this ongoing effort, the company has donated over $200 million since 2018 to support humanitarian initiatives worldwide.
Furthermore, Ripple continues to push the boundaries of blockchain technology in addressing global challenges. The recent collaboration with Trinity College in Ireland serves as an exemplary case, where Ripple will be providing a grant worth $200,000 to facilitate research and development within the space.
As the world waits with bated breath for further updates on Ripple’s endeavors, the price action for XRP has taken a promising turn. Despite market fluctuations, XRP has managed to record a 7% surge in just 24 hours, currently trading at $2.8. Market analysts are optimistic about the future of XRP, predicting it could reach as high as $15 by year’s end.
Meanwhile, market sentiment suggests that the asset may potentially touch $73 once it successfully breaks above $17 and $37 thresholds.
Source: www.crypto-news-flash.com
