Ripple, one of the leading blockchain companies, has inked a partnership with Rippleworks to support 'powerful initiatives' around the world.
American business magazine Fast Company named Rippleworks one of the fastest-growing not-profit organizations of 2020.
Offering a helping hand
Rippleworks was founded by its CEO Doug Galen and former Ripple boss Chris Larsen back in 2015. The organization offers practical support for entrepreneurs to grow their businesses, which includes funding and expert advice. Larsen, who is known as the richest person in the cryptocurrency industry, donated his own money to kick off the foundation.
The non-profit greatly benefited from the rapid growth of the XRP token back in 2017, which it converts to fund promising projects in dollars. As of October 2019, Rippleworks' assets surpassed $370 mln.
Larsen tweeted that he was 'proud' to be recognized by Fast Company but there there is a lot of work ahead of them.
Another paid partner?
Meanwhile, some members of the cryptocurrency community remained unimpressed by the new collaboration and dismissed it as yet another paid partnership. Ripple partnering with the company that was founded by its own CEO seems to be nothing to write home about.
The $10 bln blockchain giant recently appeared under fire in late February after its key partner MoneyGram disclosed that it was paid $11.3 to use Ripple's software.
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