Ripple to Invest $ 50 M in University Blockchain Research Initiative
The San Francisco-based Ripple will invest in academic institutions to educate students about blockchain technology.
The decentralized network announced the University Blockchain Research Initiative, which will receive $ 50 million in funding. Even though cryptocurrencies have become a widely discussed topic, blockchain technology continues to attract the attention of numerous investors. Knowing that students are one of the key elements of the industry’s evolution, Ripple has decided to invest in their development.
Ripple to partner with 17 universities
The announcement was made via Ripple‘s blog on 4th June. According to it, the University Blockchain Research Initiative (UBRI) will team up with 17 higher education institutions around the world. Among these are “MIT, Princeton, University of Pennsylvania, the business schools at the University of California Berkeley and the University of Texas, Fundação Getulio Vargas in Brazil, and colleges in the UK, Netherlands, Australia, India, South Korea, Cyprus, and Canada.
Ripple will invest more than $ 50 million in partner universities to engage in understanding the technology and developing new projects based on it. Among the main areas of interest will be: engaging in documentary research to understand the concept of blockchain technology, creating an educational plan to meet the student’s demands on blockchain learning, and encouraging students to offer new ideas, proposals and collaborative communication with teachers.
Eric van Miltenburg, a board member of Ripple, stated that:
“Academia has traditionally been a critical driver of technical innovation. The University Blockchain Research Initiative is an acknowledgment of the vital importance of the unique role universities will play in advancing our understanding and application of cryptography and blockchain technology.”
The initiative launched by Ripple will focus on several projects based on blockchain technology that will support an economic development around the world. For example, Princeton University’s Center for IT will aim to design a UBRI plan that will measure the influence of crypto and blockchain legislation on countries around the world, while the University of Pennsylvania will focus on creating a new “dual degree program” for those who choose to study the blockchain and crypto protocols.
Greg Brown, director of the Frank Hawkins Kenan Institute of Private Enterprise at UNC Kenan-Flagler, commented that:
“UNC Kenan-Flagler and the Kenan Institute are uniquely qualified to be part of this global initiative. Our research focus has always been around real-use cases that result in clear benefits to businesses and society, particularly with respect to cutting-edge technologies. This partnership with Ripple to discover useful applications of blockchain and cryptocurrencies is a logical extension of our efforts.”
From Ripple’s point of view, the universities are important pillars of economic innovation.