Ripple to Invest $2 Million in Blockchain Research Initiative
The progressive blockchain based ripple to fund universities
The promise made by Ripple to invest $50 million into blockchain research has kicked off with Ripple pledging to invest 2 million US dollars in a UT Blockchain Research Initiative.
Through the school of Business at Texas University, two million US dollars will be given to the school in a span of five years. The money from Ripple will be a huge boost for McCombs School of Business in the Texas University. It will be used to support McCombos blockchain initiatives. Although the funds are ready for release to the university, McCombos School of Business, has not laid out its plans for utilizing the funds.
According to Cesare Fracassi, the university’s associate professor of finance who also runs the blockchain initiative program, the school will call for proposals from both graduate students and faculty. From the proposals the school will decide how the funds will be shared.
Other universities to receive funds
Besides the University of Texas, there are several other universities which are also on Ripple’s list to receive funding. They include; university of Pricenton, MIT and 14 other universities across the world. The funding from Ripple to these universities shows Ripple’s acknowledgement of how universities play an important role in understand how the blockchain works. Blockchain is a new and innovative technology that is streamlining a lot of industries. Moreover, it can be implemented in vast industries from the financial, medical to transport industry. Ripples initiative is thus a most welcome move to universities with blockchain research programs. The funding to McCombos will help enthusiastic scholars advance their understanding of the technology.
The university of Texas blockchain initiative is quiteyoung. It kicked off in April 2018 and later on had its first conference. The initiative was able to attract 300 participantswho took part in the first blockchain conference. Among the participants were notable guests. They include Dave HirschU.S. Securities and Exchange Commission attorney, Ryan Gaylo Ripple director of corporate payments, Jason KelleyIBM Global Blockchain Services, and Jim Schneider Goldman Sachs senior fintech equity researcher.
With such investments been channeled into blockchain research initiatives, many other students, graduates among other professionals can join the blockchain journey. Also, it will also tremendously help increase blockchain implementation.