Cryptocurrency start-up, Ripple, has preferred to turn its focus on top universities by donating as much as $50 million to them. The company is keen that these universities speed up the adoption pace of blockchain technology, which is gaining more traction in different sectors around the world. This could be interpreted as meeting the rapidly growing demand as the available talents might not be enough to meet. Significantly, the donation is in terms of the American Greenback and not the digital currency.
Partnership with Schools
The widely followed Ripple also disclosed about an alliance with 17 schools most recently. This included the University of Pennsylvania, MIT, and the University of North Carolina. The company indicated that its donation would come through its “University of Blockchain Research Initiative” program. This is meant to encourage research and development in the new age technology apart from the virtual currency, as well as, digital payments, CNBC reported. The blockchain technology is a platform that is widely used by most of the cryptocurrencies around the globe. This included bitcoin and ethereum.
Ripple’s SVP of business operations, Eric van Miltenburg, told the media, “As globalization increases, so make the demand for technological solutions and talent to solve the world’s hardest financial problems, such as retail remittances.” The firm indicated that the objective of the initiative was to meet the increasing demand for jobs partly. For instance, the report quoted LinkedIn identifying over 4,500 job openings in respect of “cryptocurrency” or “blockchain” last year. That showed a jump of 150 percent from the preceding year. Significantly, there is growing demand for experienced persons in the field as different sectors are trying to explore the possibility of the new age technology.
Though there are enough uses of blockchain technology, Ripple is focussing mainly on banks for real-time settlement of transactions. The company also aligned with the MoneyGram, as well as, Western Union, both transfer giants, apart from Santander and American Express. The firm is creating a network for global financial payments on a faster basis. The financial institution in the network could use the XRP for transacting quickly.
The company has made it clear that the Universities are not required to involve its digital currency, XRP though some of their research and projects surround on it. Interestingly, some of the banks like JPMorgan Chase are also engaged in researches for deploying the new age technology for one or the other things. One of the primary aspects behind it is the decentralized nature compared to their current practice of centralized domain.
Worst Performing Coin
The current year has not been a great one for any cryptocurrency as their prices plunged and XRP is no exception to this. The digital currency has lost over 70 percent in the current year itself and trading close to 65 cents. Of the 100 billion XRP made, Ripple is having nearly 60 billion. That would mean that its market cap is nearly $39 billion based on Monday’s price.
Other cryptocurrencies have also faced downtrend only as the leader, Bitcoin, too suffered significant erosion in prices.