Ripple Labs, the American technology company whose payment protocol is Ripple [XRP], has decided to invest $2 million, over a period of five years, in blockchain technology research by funding the McCombs School of Business, one of the schools at The University of Texas, Austin. It is the oldest public schools of business in all of Texas.
Ripple had already announced, in their University Blockchain Research Initiative [UBRI] that they will be investing $50 million into academic research in the field of blockchain technology at the beginning of June, saying they will be collaborating with 17 universities across the globe to boost academic research into the industry.
Among those universities is the Massachusetts Institute of Technology [MIT], Princeton University, International Institute of Information Technology, Hyderabad [IIIT-H], and University of Luxembourg.
According to Ripple’s UBRI announcement, their aim is to fund these schools towards partnering with Ripple to:
- Collaborate on research and technical development that will stimulate widespread understanding and innovation in the blockchain technology.
- Create new curriculum to meet high student demand for learning about blockchain, cryptocurrency, and other FinTech topics.
- Stimulate ideas and dialogue among students, faculty, technologists, and business leaders on topics of shared interest.
Cesare Fracassi, an Associate Professor of Finance, is reported to have said that the McCombs School of Business does not yet have a firm plan for how it will direct these funds.
“Not only the business school but other branches will be able to participate as well. For example, the medical school expressed interest in blockchain research.”
Fracassi also runs the school’s Blockchain Initiative, which started very recently in April this year when McCombs held its first blockchain conference with roughly 300 participants.
Ripple’s plans for the long-term future, having stated that research into blockchain technology by universities is crucial. They said:
“As the traditional backbone of innovation, universities uniquely offer an independence and rigor that the private sector cannot. They also are responsible for training the workforce of the future.”
Benny Suavo, on Twitter, critically remarks:
“Ripple to spend $2 million in marketing”
To which Bem Foxtrott replies:
“You misspelled education. They are investing in their future staff. You could do a hell lot better real advertising with that money.”
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