RLUSD to Benefit from Ripple and Mercy Corps Partnership Expansion

• Ripple and Mercy Corps Ventures have expanded their partnership. 
• The two companies will work towards the adoption of RLUSD stablecoin.
• Ripple has pledged a substantial $5.5 million to support MCV.

Ripple, the American fintech firm, and Mercy Corps Ventures (MCV) have expanded their partnership to focus on the adoption of the RLUSD stablecoin. This blockchain-based token is pegged to the US dollar and is currently in beta testing.

As per an announcement, the two firms will expand their “Unlocking Opportunity” program to support emerging entrepreneurs and small to medium-sized enterprises (SMEs) in the digital asset space. The program aims to help those building solutions for financial resilience through blockchain and fintech innovation.

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Ripple will provide technical and financial support, using the XRP Ledger (XRPL) and RLUSD to focus on use cases like savings, remittances, micropayments, and tokenization. Ripple has pledged $5.5 million to support Mercy Corps Ventures and its focus on scalable solutions.

It is important to note that over the past three years, Ripple and Rippleworks, in collaboration with MCV, have invested in 54 early-stage companies. Notably, 44% of these companies have at least one female co-founder, resulting in $500 million in follow-on funding.

Read also : XRP Forms Bullish “Double Coffee Cup” Pattern, $5.85 Target in Sight?

Scott Onder, the Chief Investment Officer at MCV stated that his firm’s partnership with Ripple will allow more entrepreneurs to equip themselves “with the tools and resources to implement web3 technologies that foster financial and climate resilience in underserved markets.”

XRP’s Resurgence

According to the data from CoinMarketCap, XRP has once again turned bullish, claiming the $1.10 price level after a 64% price surge in the past week. While the altcoin is ranked as the sixth-largest cryptocurrency by market capitalization with a market cap of $62.51 billion, XRP is down 71.58% from its all-time high of $3.84 witnessed seven years ago. 

In the past 30 days, XRP has jumped 98.91% while the digital asset has increased 77.28% since November 2023. The cryptocurrency’s trading volume has been on the rise, currently standing at a massive $5.49 billion. If the volume continues to increase, XRP might continue to print higher highs.