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.
"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.
“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.
