Ripple Donates $50 Million to Universities
On Monday, Ripple announced that it was partnering with 17 different universities, including MIT, the University of North Carolina and the University of Pennsylvania to help increase awareness and adoption of Blockchain technology and the cryptocurrency industry. This initiative is called the “University Blockchain Research Initiative” (UBRI).
Ripple will donate $50 million to the universities through this program whose aim is to advance research and development in Blockchain, digital payments and cryptocurrency. The donations will be in US Dollar and not XRP or any other cryptocurrency, said Ripple.
Speeding up Cryptocurrency Adoption
Ripple said that this initiative was launched to speed up cryptocurrency and Blockchain adoption. While some universities will run projects or conduct research based on Ripple technology and XRP, the company said it is not a mandatory requirement that they do so, as long the focus is on cryptocurrency and Blockchain technology.
Ripple said that besides the funding, it would also provide its own expertise and tech resources for research and development. The company will also help set up new curriculums with the universities to open up the subject – and technology – to the students. Through this initiative, Ripple hopes that understanding and innovation in the Blockchain and cryptocurrency space will increase.
The initiative is, in fact, already getting off the ground in several universities. For example, the Center for Information Technology Policy at Princeton is creating a program that will study the policy impact of cryptocurrencies as well as Blockchain technology across the world.
MIT is launching a fintech program via its Computer Science and Artificial Intelligence Lab, wherein the UBRI initiative will work with researchers on topics that will cover cryptocurrencies, international payments and even cyber security.
Besides some of the top American universities, the 17 universities that Ripple is partnering with are spread across Australia, Canada, Europe, India, Brazil and South Korea.
Increasing Demand in the Job Market
Another reason that this initiative was launched was to help with the job demand. According to the senior vice president of business operations at Ripple, Eric van Miltenburg, with the growth of globalization, the demand for technological solutions and innovations to resolve the world’s biggest financial issues, such as retail remittances, as increased tremendously. This means that the need to qualified professionals has also grown exponentially.
In fact, Ripple stated that jobs related to cryptocurrency and Blockchain number 4,500 on LinkedIn last year, which is a 150% increase from 2016.