Canada’s Largest University Partners With Ripple To Start XRP Validator

June 14, 2023 10:13 pm Comments

The University of Toronto just announced that it plans to start an independent XRP ledger validator as part of a new partnership with Ripple.

This will allow for the processing of payments and is an extremely positive sign that indicates XRPL will continue to expand even among educational institutions.

For Ripple, this partnership is part of the company’s University Blockchain Research Institute (UBRI) that was started in Canada.

So far, the company has already invested around $2 million into educational institutions to continue research on blockchain which would benefit XRPL.

It is expected that Ripple will continue to invest capital into research as it expands the number of blockchain solutions that it offers.

CoinDesk reports:

“This newest UBRI partnership helps to grow a program that is already supporting important blockchain and crypto technology research in Canada while providing students with opportunities to acquire technical skills for a crypto-native career,” the statement said.

The University of Toronto joins current Canadian UBRI partners, University of Waterloo and Toronto Metropolitan University, Ripple said in the statement.

Ripple launched UBRI in June 2018, committing over $50 million to the effort and partnering with 17 universities from across the world at the time.

Since then, it has distributed more than $47 million to its global university partners and increased its commitment to $80 million this year, according to a spokesperson.

Ripple’s choice in partnering with such schools is also very strategic as it is known that these technical schools have a pipeline of talent that is needed in order to build future blockchain products.

As a result, the company will have access to that talent which is critical to the company’s long term success.

Now that the largest university in Canada has partnered with Ripple, it may only be a matter of time before other universities will be convinced to join as well.

Ripple has already invested capital in more than 45 universities across the world and expects that Toronto will serve as an engineering hub as the company has opened an office there.

CoinTelegraph reports:

The partnership will also advance Ripple’s XRPL Campus Ambassador program, which “aims to elevate the impact of college students” by helping “educate other students about crypto and how to start building on the XRPL.” University of Toronto professor Andreas Veneris commented:

“Hosting an XRP Ledger validator matches our goals in both promoting education around the XRP Ledger […] but also the public’s trust in scholars for their long-standing ethos to advance social wellbeing.”

Ripple is in a highly publicized legal conflict with the United States Securities and Exchange Commission, but Canada has provided challenges as well.

The country introduced new crypto trading rules in February that have shaken up the domestic crypto market, with dYdX, Paxos, Binance and Bybit among the companies choosing to close down their Canadian operations as a result. On the other hand, Canadian regulators have approved several crypto exchange-traded funds recently.

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