Gates Foundation Partners with Coil Blockchain Startup
October 22, 2018
A blockchain startup named Coil has won partnership with the Bill and Melinda Gates Foundation. The purpose for the alliance is providing payment services for those having no access to them. The news was posted on Twitter account by the director of the foundation Miller Abel. According to him, the startup and the fund will jointly apply the Interledger protocol as well as maintenance methods of payment platforms for under-privileged people.
The protocol called Interledger enables payments between digital currency networks. Stefan Thomas, former technical director at Ripple and founder of Coil, is a co-developer of the technology. Some basic principles of the Coil solutions also underline Interledger.
The news on collaboration between Ripple and the foundation was announced last autumn when the organizations developed a payment application Mojaloop for low-income people. The fund is most likely to develop Mojaloop together with Ripple and Coil using the Interledger technology to provide real-time payment services and money transfers for all users.