Cryptocurrency and blockchain payments-network start-up Ripple is donating $50 million to 17 universities around the world to encourage adoption of blockchain technology.
Ripple announced the initiative, dubbed the University Blockchain Research Initiative ((UBRI) on its website today June 4. According to their blog post, Ripple will donate $50 million in U.S dollar, not digital Currency.
UBRI member universities will determine their own research topics and priority areas of emphasis. As the crypto regulation continues to gain momentum around the world, Princeton University UBRI program will focus on the policy impact of digital currencies and blockchain in the U.S. and around the globe. At Upenn, UBRI is supporting select MBA-MS candidates for Wharton-Engineering dual-degree program. This donation aims to prioritize students working on blockchain or cryptocurrency. At MIT, as a part of UBRI, Ripple will participate In MIT Computer Science and AI lab’s new Fintech initiative comprising of a dozen companies across the financial service industry to work with groups of CSAIL’s 116+ researchers on areas like cryptocurrencies, the blockchain, global payments, and cybersecurity.
As reported by ABC 7 News outlet on March 28, Ripple donated $29 mln of its own cryptocurrency XRP to support US public schools, fulfilling over 35,000 funding requests from teachers via DonorsChoose charity fund.
Early last month a San Diego resident Ryan Coffey sued Ripple Labs Inc, its Chief executive officer Bradley Garlinghouse for engaging in schemes to raise hundreds of millions of dollars through the sale of unregistered ripple tokens (XRP). Around the same time, the U.S SEC stated that both XRP and ether could be classified as securities. However, Ripple’s chief market strategist, Cory Johnson, told CNBC in early April:
“We are not a security. We don’t meet the standards for what a security is based on the history of court law.”