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Canada's Largest University Starts XRP Validator in New Partnership With Ripple

The partnership between the University of Toronto and Ripple is part of the latter's University Blockchain Research Initiative (UBRI) in Canada.

Jun 12, 2023, 1:00 p.m. UTC
Canadian flag in Toronto (Shutterstock)
Canadian flag in Toronto (Shutterstock)

The University of Toronto, the largest university in Canada by enrollment, plans to start an independent XRP ledger validator, which primarily processes payments, in a new partnership with Ripple as it seeks to support the next generation of the crypto industry.

The move is part of Ripple's University Blockchain Research Initiative (UBRI) in Canada, under which the firm has already invested more than $2 million in the country's top universities and colleges over five years, according to a press release.

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"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.

The initiative comes at a time when U.S. is cracking down on the crypto industry, driving some companies to other regions. Coinbase, which was a target of recent SEC lawsuits along with rival Binance, even praised Canada's approach to regulating the crypto industry.

Read more: SEC's Latest Crackdown Could Drive Crypto Firms Out of the U.S.

“As more crypto projects and companies look to build outside of the U.S., creating evergreen educational opportunities and growing a pipeline of talent to achieve widespread adoption is critical to our industry’s long-term success,” Eric van Miltenburg, SVP of strategic initiatives at Ripple, told CoinDesk.

“Canada, and Toronto in particular, is home to some of the most prestigious business and technical schools in the world and has become a global technology hub," Miltenburg said. "Ripple continues to expand its presence in the region to support the next generation of crypto, blockchain and Web3 leaders through strategic partnerships and funding for these universities," he added.

Read more: Coinbase Praises Canada’s Crypto Approach as U.S. Regulatory Pressure Intensifies


Aoyon Ashraf

Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.

Aoyon Ashraf