In a bid to speed up growth in the blockchain and cryptocurrency space, payments processor and the firm behind the world’s third largest cryptocurrency, Ripple, had committed over $50 million to universities around the world.
In a project aimed at increasing blockchain-related academic research and college curriculum, Ripple announced that it would donate those funds to some 17 universities around the world, including Princeton, MIT, IIT Bombay, Korea University, and the University College of London.
In the partnership dubbed the University Blockchain Research Initiative, Ripple said universities would decide their own research topics. Princeton, for example, is creating a program to understand the policy impact of blockchain and cryptocurrencies.
Ripple has also signaled that this is only the beginning, with the firm’s press release dubbing the $50 million funding to the 17 colleges the “first wave of university partners.”
The funding comes as universities have sought to keep up with the growth of blockchain and cryptocurrency themselves. Universities including Stanford have added cryptocurrency-related courses to their curriculum, while other universities such as the University of Oxford are offering programs focused on the industry.