Prince Harry and Meghan Markle, who stepped down as frontline royals and set up base in the U.S., have announced they are launching a new charitable foundation named 'Archewell'. The couple said they look forward to formally launching the new foundation “when the time is right,” which will replace their Sussex Royal brand. They also revealed that the Greek word in the project 'Arche' meaning 'source of action', was the inspiration behind the name of their son Archie Mountbatten-Windsor. “Before Sussex Royal, came the idea of ‘Arche’ – the Greek word meaning ‘source of action’ We connected to this concept for the charitable organisation we hoped to build one day, and it became the inspiration for our son’s name. To do something of meaning, to do something that matters. Archewell is a name that combines an ancient word for strength and action, and another that evokes the deep resources we each must draw upon,” the statement said. Further details about the foundation have been delayed due to the coronavirus pandemic. "Like you, our focus is on supporting efforts to tackle the global Covid-19 pandemic but faced with this information coming to light, we felt compelled to share the story of how this came to be," the couple said in a joint statement to USA TODAY. The statement comes a day after the Queen addressed the UK regarding the pandemic, with Prince Harry and Meghan saying the announcement will be made "when the time is right."