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Ripple joins forces with Rippleworks, the non-profit organization that was founded by Chris Larsen

Ripple has signed a partnership with Rippleworks to support healthy initiatives around the world.

Fast Company has named for Rippleworks, a non-profit organization supporting social projects, one of the ten most innovative companies of the year. Rippleworks was launched in 2015 by billionaire Chris Larsen, co-founder and executive chairman of San Francisco-based fintech. American business magazine Fast Company has called Rippleworks one of the fastest-growing non-profit organizations in 2020.

Ripple has inked a partnership with Rippleworks to support ‘powerful initiatives’ around the world

Rippleworks provides practical support for entrepreneurs to grow their businesses, including funding and expert advice. Larsen, who is known to be the richest man in the cryptocurrency industry, has donated his money to launch the platform.

The non-profit organization benefited greatly from the rapid growth of the XRP token back in 2017, which was converted into funds for promising projects in dollars. As of October 2019, Rippleworks’ assets have surpassed $ 370 million.

Larsen tweeted that he was ‘proud’ of being recognized by Fast Company, but there was a lot of work ahead of them.

Meanwhile, some members of the cryptocurrency community are still unimpressed by the new partnership and dismissing it as another paid partnership. Ripple partnering with the company that was founded by its CEO, seems to be nothing to write home about.

The $ 10 billion Blockchain giant recently came under fire in late February after key partner MoneyGram revealed that it was paid $ 11.3 for using Ripple’s software.

Reports Fast Company:

“This year worked with more than 30 companies, helping scale everything from clean electricity in Africa to building new toilets for the developing world.”

Ripple has come under fire for using Rippleworks as a tax shelter. A report published by Messari in November of 2019 states:

“According to the Foundation’s (public) Form 990, during its fiscal year 2018 (year ended April 30, 2018), the Ripple Foundation for Financial Innovation (nee RippleWorks), the entity affiliated with Ripple and its co-founder Chris Larsen, granted exactly $ 0 to other charities out of a staggering $ 1.2 billion AUM.”

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