Ripple Partners with The University of Toronto to Build XRP Ledger Validator
On June 12, the largest university in Canada by enrolment numbers, The University of Toronto, entered into a partnership agreement with the crypto exchange Ripple. The partnership aimed at supporting the learning institution to develop an exclusive payment platform dubbed XRP ledger validator.
Ripple Partners with the University of Toronto
Initially, Ripple established a Canadian University Blockchain Research Initiative (UBRI) to boost crypto development. During the launch of UBRI, the Ripple team invested over $2 million in leading universities and colleges in Canada.
In a press release, the Ripple team stated that UBRI aims to provide the next generation with valuable insights that will stimulate the growth of the crypto sector.
The partnership with the University of Toronto aims to equip learners with technical skills crucial in pursuing crypto-related careers. Additionally, the partnership will encourage the students to conduct extensive research in blockchain and crypto technologies.
Meanwhile, the University of Toronto will join other UBRI strategic partners, such as the Toronto Metropolitan University and the University of Waterloo through the partnership. As of this writing, the UBRI supports around 45 universities in 20 countries.
Nature of University Blockchain Research Initiative
Since June 2018, Ripple has invested over $ 50 million in the UBRI project in the past five years, which supported around 17 universities. In a statement, Ripple’s spokesperson confirmed that the crypto firm had invested an additional $47 million in other universities outside Canada. He argued that the firm plans to inject $80 million into the UBRI project this year.
In a subsequent post, the SVP of strategic projects at Ripple, Eric Van Miltenburg, stated that despite the ongoing regulatory clampdown in the US that has prompted companies to pursue new markets overseas, it was important to seek ways to improve crypto adoption.
He opined that providing the crypto-native community with education opportunities will support the growth of careers, pushing the adoption bar higher.
In his argument, Miltenburg noted that most high-profile learning institutions majoring in business and technical are located in Canada and Toronto. He expressed optimism that Canada has become an international tech hub.
Interestingly the suitability of the Canadian market has encouraged Ripple to broaden its market presence in the region. Miltenburg mentioned that the Ripple team would continue supporting the key players in Canada’s Web3, blockchain, and crypto sectors.
He highlighted that Ripple would seek strategic partnerships to offer technical and financial support to Canadian Universities. As part of Ripple’s global expansion efforts, the crypto firm established a regional office in Toronto last July.
Ripple Toronto aimed to support the firm in establishing an engineering center in the region.Reportedly the office has hired around 30 staff and plans to recruit interns in the summer.
Suitability of Canadian Crypto Market
An official announcement conveyed by Professor Andreas Veneris revealed that the partnership supports Ripple’s XRPL campus ambassadorial program, which aims to improve learners’ experiences. Professor Veneris expressed delight that crypto education will reach a larger audience through the partnership. He observed that the partnership would support students at the institution in building the XRPL project.
Veneris restated that developing the expected XRPL aligns with the institution’s core goals of equipping learners with critical knowledge of emerging technologies. Additionally, the professor mentioned that the XRPL project will boost the social well-being of the learners.
Despite the efforts made by Ripple to pursue the Canadian market, the regulators introduced new crypto regulations in February that compelled companies to exit the vibrant market. The new rule forced best-performing crypto firms such as dYdX, Bybit, Paxos, and Binance to suspend operations in Canada due to regulatory tussles.
Notably the regulatory approach applied in Canada mirrors the enforcement action in the US. The US Securities and exchange commission (SEC) recently accused Binance and Coinbase of violating securities law.
In 2020 the SEC charged Ripple and its top executive, Brad Garlinghouse and Christian Larsen, for providing the public with unregistered securities worth $ 1.3 billion.
At press time 07:35 UTC, Ripple’s native token XRP increased by 2.72% to trade at $0.5298. The trade volume increased to $1,210,591,258, a 19.32% increase over the last 24 hours.
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