The University of Toronto, the largest academic institution in Canada, has announced its intention to collaborate with Ripple to launch a new independent XRP ledger validator, which will primarily focus on payment processing. This initiative is part of Ripple’s University Blockchain Research Initiative (UBRI) in Canada, which has already invested over $2 million in the country’s top universities and colleges over a five-year period. The partnership aims to support the next generation of the crypto industry while providing students with opportunities to acquire technical skills for a career in cryptocurrency.
According to a statement by Ripple, the University of Toronto has become the latest Canadian partner to join the University Blockchain Research Initiative (UBRI), along with existing partners the University of Waterloo and Toronto Metropolitan University. UBRI was launched by Ripple in June 2018, with an initial commitment of over $50 million and partnerships with 17 universities worldwide. Since then, Ripple has distributed more than $47 million to its global university partners and has increased its commitment to $80 million this year, as confirmed by a spokesperson.
The launch of the University of Toronto’s independent XRP ledger validator in partnership with Ripple is particularly significant given the current regulatory crackdown on the cryptocurrency industry in the US, which has prompted some companies to seek more favorable conditions elsewhere. In fact, oinbase">Coinbase, which was recently targeted by the SEC along with its competitor Binance, has even praised Canada’s approach to regulating the crypto industry, making the timing of the University of Toronto’s initiative all the more noteworthy.
Eric van Miltenburg, SVP of strategic initiatives at Ripple, emphasized the importance of creating sustainable educational opportunities and building a talent pipeline to ensure the long-term success of the cryptocurrency industry, especially as more crypto projects and companies seek to establish themselves outside of the US. According to Miltenburg, Canada, and Toronto in particular, is a global technology hub and home to some of the most prestigious business and technical schools in the world. Ripple is committed to expanding its presence in the region and supporting the next generation of crypto, blockchain, and Web3 leaders through strategic partnerships and funding for universities, he added.
