The University of Toronto has joined Ripple’s University Blockchain Research Initiative (UBRI) in Canada, establishing a partnership between the two entities.
In a new collaboration with Ripple, the University of Toronto, Canada’s largest university in terms of enrollment, intends to launch its own independent XRP ledger validator. This partnership aims to provide support for the advancement of the next generation within the cryptocurrency industry, with a particular focus on payment processing.
According to a press release, this initiative by the University of Toronto to start an independent XRP ledger validator is a part of Ripple’s University Blockchain Research Initiative (UBRI) in Canada. Over a span of five years, Ripple has already invested over $2 million in the leading universities and colleges of the country through this program.
As per the statement, this latest partnership under the UBRI program further contributes to the growth of an existing initiative that supports significant blockchain and cryptocurrency technology research in Canada. Additionally, it offers students valuable opportunities to develop technical skills that are relevant to careers in the crypto industry.
Ripple’s statement revealed that the University of Toronto has joined the existing Canadian partners of UBRI, which include the University of Waterloo and Toronto Metropolitan University.
Also Read: Exploring Q1 2023: Tron, XRP Ledger, and Stacks In-Depth Report
Since its launch in June 2018, Ripple has allocated over $50 million to its University Blockchain Research Initiative (UBRI) and established partnerships with 17 universities worldwide. The initiative has disbursed over $47 million to its global university partners, and this year, Ripple has increased its commitment to $80 million, as confirmed by a spokesperson.
Amidst the U.S. crackdown on the cryptocurrency industry, some companies are exploring opportunities in other regions. Notably, Coinbase, which faced SEC lawsuits along with Binance, has commended Canada’s approach to regulating the crypto industry. This initiative coincides with a time when such alternative jurisdictions are gaining attention from industry players.
“Canada, especially Toronto, hosts world-renowned business and technical schools and has emerged as a prominent global technology hub,” stated Miltenburg.
He further emphasized that Ripple is expanding its presence in the region to provide support, strategic partnerships, and funding to these universities, nurturing the future generation of crypto, blockchain, and Web3 leaders.
Also Read: Coinbase supports Canada’s crypto strategy amid US regulatory scrutiny.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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