Ripple (XRP-USD) has announced that it will offer financial support of $50 million to 17 universities worldwide as a part of its University Blockchain Research Initiative (UBRI). The priorities for the research will be decided between the members and the officials of the company known for creating the third largest cryptocurrency in the world by market cap.
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The startup company through its UBRI program has entered into a partnership with some of the most reputed universities around the globe including the Massachusetts Institute of Technology (MIT), Princeton, Australian National University, University College London, and high education institutions in The Netherlands, Brazil, India, Cyprus, Luxembourg, and South Korea.
According to the senior vice president of Global Operations, Ripple, Eric Van Miltenburg, ”The University Blockchain Research Initiative is an acknowledgment of the vital importance of the unique role universities will play in advancing our understanding and application of cryptography and blockchain technology. It also speaks to the reality that university graduates will fuel a continually evolving and maturing financial marketplace and workforce.”
Together Ripple and its members will work on the research and development of blockchain-based technology and encourage a deeper understanding in the field to stimulate innovation. They will define curriculum and programs to be taught to the students related to digital currencies, fintech subjects and blockchain and encourage dialog and ideas among the students through discussions on blockchain and cryptocurrency.
Two Former SEC Members Representing Ripple In Court
In other Ripple news, court records have revealed that two former Securities and Exchange Commission (SEC) officials are representing the distributed ledger startup Ripple in a lawsuit filed last month by investor Ryan Coffey. Onetime chairwoman of the SEC, Mary Jo White and Andrew Caresney are the two former members representing the startup. Incidentally, both White and Caresney serve the office of Debevoise & Plimpton at present.
According to the latest report, the records of the case have now been moved to the United States District Court for the Northern District of California from the San Francisco County Superior Court. According to the lawsuit, Ripple allegedly violated state and federal securities laws and it questions the security of XRP, which is a wholly owned digital asset by a distinct company.
Ripple is trading at $0.66, down 2.55% from yesterday’s levels.