San Francisco-based Ripple Donates $2 Million to Texas University’s Blockchain Initiative
June 19, 2018 1:48 pm
The University of Texas to Receive $2 Million Donation from Ripple
As per university student newspaper The Daily Texan, the McCombs School of Business at UT will get $2 Million from Ripple over the course of next five years to fund research at the institution’s Blockchain Initiative program.
McCombs School of Business hosted its first blockchain conference in April 2018 to much enthusiasm among faculty and students from different universities including its own, the report proposed, indicating an increasing demand and desire to explore the decentralized technology generally associated with digital currencies like bitcoin. 300 people, including Ripple executive, students and staff attended the conference. Notable attendees including Mr. Jim Schneider, Goldman Sachs’ senior FinTech equity researcher, and Walmart vice president of food safety Mr. Frank Yiannas who delivered keynotes alongside other panelists from USAA, the SEC, IBM, and ICE.
The program director Cesare Fracassi stated:
“That conference was the catalyst for really seeing that there was a lot of demand from students and industries and companies for having a central focus inside the business school to harness the demand for blockchain technology.”
The initiative lays out three main purposes behind its foundation, namely supporting faculty and graduate students on blockchain research “across colleges” at UT, teach students “the main concepts related to the blockchain, digital currency, and digital payments,” and be “the hub of knowledge for external relations” with the industry, policymakers and media.
While relatively new, McCombs Business School’s Blockchain Initiative will utilize funding from Ripple to finance projects, research and outreach programs that connect students to companies in the city, Cesare Fracassi added.
Austin is a pretty large hub for blockchain companies, so I see the initiative as a way to connect faculty and students to those companies.
The subject of blockchain technology is besides being taught “in several classes” at McCombs with students reading about the “technological, legal and business opportunities and challenges” faced in the rollout of blockchain-powered solutions.
The funding is part of Ripple’s broader $50 Million pledge to fund academic blockchain research in 17 universities around the globe. As per a report, the University Blockchain Research Initiative (UBRI) includes universities in Canada, Brazil, Australia, India, Cyprus, the United Kingdom, Luxembourg, Korea, Netherlands, and the United States.