Interledger and its Global Development Community Will Advance an Open Payments Network Allowing for Broader Participation in Economic Opportunities on the Web. Through funding from its founding members Coil and Ripple and its Board of Directors, the Foundation will advance and support the Interledger Protocol and its open source community in developing better technological standards and new business models for the unbanked and creative economy. The Foundation is now the permanent home of the Grant for the Web program, which funds individuals, projects and global communities contributing to an open and accessible web monetization ecosystem. Coil, Creative Commons and the Mozilla Foundation will continue to provide governance for Grant for the Web.
Innovation is already taking place in sub-Saharan Africa, where early Mojaloop adopters include a central bank as well as a joint venture between Mobile Network Operators. According to the McKinsey Global Institute, wider adoption of interoperable, open payments could provide more of the population with access to important digital financial services, while boosting the annual GDP of all emerging economies by $3.7 trillion by 2025.
Stefan Thomas, Founder and CEO of Coil, and Co-Creator of the Interledger Protocol stated:
We need a frictionless way for everybody on the web to compensate and support one another: the curators, the subscription services, the content creators and, of course, the users. The Interledger Protocol is the underlying technology that will be the catalyst in bringing this to fruition
The @Interledger foundation is live 🎉
We’re one step closer to the Internet of Value 🤩
— GateHub (@GateHub) April 15, 2021