Ripple Announces $50M University Blockchain Research InitiativeJune 5, 2018
Ripple will give $50 million to 17 universities in an effort to foster a “more robust and valuable blockchain and payments ecosystem.” The donation is in dollars, not cryptocurrency.
After donating $29M to DonorsChoose, the blockchain settlement platform Ripple announced on its website today that the company will donate $50M to universities worldwide in a program called University Blockchain Research Initiative (UBRI). The funding will be used for research, development, and innovation in blockchain and cryptocurrency, and each school will design a curriculum focused on the technology.
“Much of the enthusiasm and activity to date around blockchain is disconnected from real use cases that result in clear benefits to businesses or civil society,” stated Eric van Miltenburg, senior vice president of Business Operations at Ripple. “While Ripple won’t dictate research parameters, we are excited to play a role in helping to support faculty and student-led projects that explore increasingly useful applications of blockchain and cryptocurrencies.”
Ripple partnered with 17 selected universities in the US, Australia, the Netherlands, Brazil, India, South Korea, the UK, Luxembourg, Cyprus, and Canada. It has not been announced how much each institution will receive. However, Ripple announced that the donation was made in dollars, not in Ripple’s proprietary cryptocurrency, XRP. Ripple did not respond by press time to an ETHNews request for an explanation of how these 17 schools were selected.
Princeton University, one of the 17 institutions that UBRI is partnering with, will create a program to study the policy impact that cryptocurrencies and blockchains will have worldwide. Over in Europe, Delft University of Technology and the University of Luxemburg are using UBRI funds to build blockchain research programs within their respective technology departments.
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