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The San Francisco-based Ripple will allocate $ 2 million to the University of Texas at Austin as part of its academic funding project.

The University of Texas at Austin becomes one of the 17 universities that will benefit from Ripple’s investments. The company pledged to allocate $ 2 million in the next five years in the university’s McCombs School of Business to support the company’s Blockchain Research Initiative, The Daily Texan reported.

Ripple is set to invest $ 50 million in academic institutions

As previously reported by Coindoo, Ripple is set to invest $ 50 million in higher education institutions through its University Blockchain Research Initiative. The announcement was made on 4th June via Ripple‘s blog. The list of universities that will receive funding from the decentralized distributed ledger platform includes the “MIT, Princeton, University of Pennsylvania, 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.

The McCombs School of Business will submit proposals this year

Even if the McCombs School of Business is about to receive funding, it does not already have a set plan to pursue, said Cesare Fracassi, associate professor of finance.

The Associate Professor, who is also part of the school’s Blockchain Initiative’s coordination team, said the school will submit proposals during this year. Respectively, the best projects will receive funding. “Not only the business school but other branches will be able to participate as well. For example, the medical school expressed interest in blockchain research,” Fracassi said.

The interest of the school in blockchain technology was marked in April 2018, when it organized its first blockchain-based conference, where “Goldman Sachs senior researcher Jim Schneider, IBM Global Blockchain Services’ Jason Kelley, Dell’s Radia Perlman, Ripple Director of corporate payments Ryan Gaylor and US Securities and Exchange Commission attorney Dave Hirsch” were among the participants.

The Blockchain Initiative aims to “support faculty and graduate students research on blockchain” and to “teach students the main concepts related to blockchain, cryptocurrency, and digital payments“, according to the official website.

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