Ripple has announced a new $50m fund to finance university research into blockchain and cryptocurrency technologies.
The crypto payments company has launched the University Blockchain Research Initiative (UBRI) to support academic research, technical development and innovation in blockchain, cryptocurrency and digital payments.
Ripple has partnered with 17 universities around the world for the new project, including MIT, University College London, Princeton, Stanford, the Australian National University, Korea University, and the University of Oregon.
Universities involved in the project will be able to determine their own research topics and areas of focus. They will also be able to apply to Ripple’s University Blockchain Research Initiative fund for cash.
To determine their own research topics and areas of focus, and will be able to apply to Ripple’s University Blockchain Research Initiative fund for cash. In addition to providing financial resources, Ripple is committed to collaborating with universities by providing subject matter expertise and technical resources, as needed.
“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. It also speaks to the reality that university graduates will fuel a continually evolving and maturing financial marketplace and workforce,” said Eric van Miltenburg, SVP of global operations at Ripple.
“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. 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.”
Last month, Ripple launched a new investment initiative to build an ecosystem around XRP cryptocurrency. The initiative, dubbed Zpring, will ‘invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs’ according a statement by Ripple.
The move came just weeks after it invested $25m in Blockchain Capital’s latest fund. With its own cryptocurrency, XRP, Ripple backed Blockchain Capital Parallel IV LP Fund, which is the first fund to accept capital calls in digital assets and focuses entirely on the development of the blockchain space.
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