This article was first published on: Insights – Ripple --
Today, we’re excited to announce a $1 million grant to Tipping Point to fight poverty in the Bay Area and help individuals and families struggling to meet their basic needs.
As a global company, Ripple is committed to creating positive change worldwide. Last year, we launched Ripple for Good to support mission-driven organizations and initiatives with the potential to expand financial inclusion worldwide. Nearly a third of the world’s adult population is unbanked with almost 75 percent living in poverty. Without access to savings and credit, economic mobility is next to impossible—leaving the unbanked and underbanked trapped in a never-ending cycle of poverty.
But what about right here in our own backyard, where households earning less than $117,000 per year are considered low income?
Over the past several years, San Francisco and the surrounding Bay Area have developed a reputation for increasingly widening wealth inequality and the data are sobering:
- One in three people in the Bay ...
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