In a significant development for the crypto industry, the University of Toronto, Canada’s largest university, has announced a partnership with Ripple to establish an independent XRP ledger validator, according to a report by CoinDesk published on June 12, 2023. This initiative is a part of Ripple’s University Blockchain Research Initiative (UBRI) in Canada, which has already seen an investment of over $2 million in the country’s leading educational institutions over the past five years.
The CoinDesk report says the partnership aims to support the growth of blockchain and crypto technology research in Canada, while also providing students with the technical skills needed for a career in the crypto industry. The University of Toronto now joins the ranks of other Canadian UBRI partners, including the University of Waterloo and Toronto Metropolitan University.
Ripple’s UBRI was launched in June 2018, with an initial commitment of over $50 million.
Since then, the initiative has distributed more than $47 million to its global university partners and has increased its commitment to $80 million this year.
The partnership comes at a time when the U.S. crypto industry faces regulatory challenges, leading some companies to explore opportunities in other regions. Per the CoinDesk report, Eric van Miltenburg, SVP of strategic initiatives at Ripple, praised Canada’s approach to crypto regulation and highlighted the country’s potential as a global technology hub.
Ripple’s partnership with the University of Toronto is a strategic move to support the next generation of crypto, blockchain, and Web3 leaders through educational opportunities and funding. This initiative is expected to play a crucial role in achieving widespread adoption and long-term success in the crypto industry.