$50M Donation by Crypto Startup Ripple Is Meant to Jumpstart Blockchain Innovations

Right now, innovations in the blockchain sector are proceeding at a relatively smooth pace, but it seems this is too slow for startup Ripple. A cryptocurrency firm, it recently donated $50 million to top universities in the world in order to kick developments in blockchain to high gear. The hope is that with enough funding, researchers will be able to boost the adoption of the network and make it much faster.

In its announcement post, Ripple revealed that it will be working with 17 schools with the express goal of speeding up innovations in Blockchain. Among these universities are the Massachusetts Institute of Technology, the University of North Carolina, Korea University, and the Australian National University College of the Law.

“As the traditional backbone of innovation, universities uniquely offer an independence and rigor that the private sector cannot. They also are responsible for training the workforce of the future, helping to address the demand for technological solutions and talent to solve the world’s hardest financial problems,” the post reads.

“Now is the perfect time to support research and study in blockchain, cryptocurrency and digital payments at universities around the world.”

It’s worth noting that the donations will be given out in actual US dollars and not via the cryptocurrency that Ripple is offering. This will help speed up the process of actually distributing and using the funds, and goes a long way towards proving the startup’s purity of intent.

As for what made the company think of launching the initiative, one of the reasons is apparently due to jobs, CNBC reports. With the company citing the sharp increase in demand for jobs with the word “blockchain” attached to the postings, it only makes sense that an appropriate boost in the number of skilled workers should accompany the trend. Seizing the moment can mean the difference between an immediate jump in results and a floundering industry.