Discover how Ripple’s University Blockchain Initiative (UBRI) collaborates with the University of Toronto to deploy a standalone XRP Ledger validator. Learn about the implications for blockchain technology and cryptocurrency adoption in the Canadian market.
Following a cooperation with the University of Toronto, Ripple, the blockchain- and cryptocurrency-based paytech, has cemented its position in the Canadian market. Ripple’s University Blockchain Initiative (UBRI), in particular, will collaborate with the university to support the latter’s deployment of a standalone XRP Ledger validator. This will be crucial in finding campus advocates for XRPL for upcoming cohorts.
Canada has seen a steady rise in cryptocurrency adoption since the pandemic’s initial explosion. Canadian cryptocurrency users increased dramatically from 1.35 million in 2020 to 5.1 million in 2021, according to Statista. Since then, the number of cryptocurrency users has grown consistently at a rate of about two million each year. The UBRI collaboration aims to increase this appeal in Canada.
The program teaches students how to obtain the technical skills necessary for a job in and around crypto while also supporting significant blockchain and crypto technology research in the nation. In order to promote innovation and growth in the cryptocurrency and blockchain industries, UBRI has funded over $2 million in Canadian colleges and academics since the program’s start in 2018.
Professor Andreas Veneris of the University of Toronto, who has produced a number of outstanding scientific advancements in the area of computer science over the past ten years, stated: “I have been following Ripple for ten years, as they were an early pioneer in blockchain technology. Hosting an XRP Ledger validator aligns with our objectives of disseminating knowledge about the decentralized nature of the XRP Ledger as well as the public’s confidence in academics’ long-standing commitment to advancing social wellbeing.
Constructing a blockchain consortium
Along with Toronto Metropolitan University and University of Waterloo, the University of Toronto is now a member of the Canadian UBRI. Professor Veneris’ research path is only one of many that UBRI hopes to financially fund as it works to create a global academic consortium of connected researchers for aspiring innovators.
“With Ripple’s assistance, we hope to comprehend the potential and problems that arise when businesses accept cryptocurrencies as a form of payment, including cross-jurisdictional transactions. Professor Atefeh Mashatan, director of the cybersecurity research lab at the Ted Rogers School of Management at Toronto Metropolitan University, described the work as “new and diverse research at the junction of technology and Information System Management research.
Additionally, we have the honor of hosting the UBRI Connect conference this year, welcoming hundreds of blockchain scholars from more than 50 universities in 24 countries.
Ambitious goals for the future
Canada has been highlighted by Ripple as a key element of its North American growth strategy. The collaboration strengthens an engineering hub that Toronto established last year. It also strengthens Ripple’s efforts to bring in top talent from the area.
When it comes to its expansion objectives, the crypto paytech is aspirational. It has set ambitious ambitions for the upcoming year, having doubled its initial hiring targets and expanded the Toronto team to more than 30 full-time employees. Ripple intends to more than quadruple its present staff to approximately 70 people in the near future. These team members, who will support RippleX, will be made up of engineers and business operations personnel. They will also be responsible for delivery, technical services, and overall product design.
In its Toronto office, Ripple has already hired more summer interns than its original target of ten. Historically, the internship program at Ripple has seen a lot of interns transition into full-time positions. Two interns from the University of Waterloo accepted job offers from Ripple last year.
All of this is attributable to the abundance of diverse talent in the crypto and technology fields, as well as the supportive progressive movements that have created favorable economic environments for Web3 companies to flourish in Canada.
The Ripple team has voiced its enthusiasm for the potential of cryptocurrencies as it seeks to hire top talent from all throughout Canada. The XRP Ledger’s community-powered utility is being expanded, and more academic blockchain research and development is being promoted.