Blockchain Startup Coil Teams With Gates Foundation To Support “Pro-Poor” Payment Systems

Blockchain Startup Coil Teams With Gates Foundation To Support “Pro-Poor” Payment Systems

The Bill & Melinda Gates Foundation is partnering with blockchain startup Coil to implement interledger protocol (ILP) to its open-source software for the unbanked.

Miller Abel, Gates Foundation’s deputy director and principal technologist, tweeted on October 17 that they will work with Coil to implement the interledger protocol and explore the ways Mojaloop can support “pro-poor payment systems.”

Mojaloop was created by the Gates Foundation’s Level One Project last year, in partnership with Ripple, Dwolla, ModusBox, Crosslake Technologies and Software Group, using the interledger protocol, a solution that allows payments across different crypto networks. Mojalopp aims to simplify and reduce the cost of developing inclusive payment platforms. It enables an individual’s digital wallet to connect with his/her employer’s bank account and his/her children’s school account to complete monthly transactions.

The interledger protocol was initially co-developed by former Ripple CTO Stefan Thomas, who founded Coil earlier this year. According to Abel, Coil is working on the interledger protocol components of Mojaloop to ensure conformance to ILPv4 spec. The goal of the partnership is to unlock future potential for innovative value transfer use cases over ILP.

While the foundation is working with Ripple on the project, Abel said Mojaloop will not be using XRP. He said payments are in national currency of the given country, so that the system helps include and integrate the people (usually poor) who have historically been left out.

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