As part of its push to enhance blockchain advancement, Ripple Labs has pledged $5 million to fund academic research in the Asia-Pacific region. As revealed, the company disclosed that it will make the financial commitment through its University Blockchain Research Initiative (UBRI).
The firm made the revelation on Tuesday through an official blog post. More so, Ripple Labs confirmed that it will fund universities in six countries in the region while releasing new grants to institutions in Taiwan and Australia.
According to the firm, the investment underlines the dedication of Ripple to nurturing next-generation of blockchain talents and providing support for industry-leading academic research. Furthermore, Ripple Labs emphasized why the APAC is a major beneficiary of the initiative.
The company said the region is a leader in adoption of virtual assets and fintech innovation. Also, Ripple went on to mention how the different markets within the APAC have introduced regulatory frameworks that support the progress of the blockchain industry.
Meanwhile, Ripple Labs narrated how the UBRI has been working for the advancement of blockchain innovation in higher institutions for more than seven years. The company said over the years, the initiative has grown to a “sustained and region-wide effort to empower the next generation of builders, researchers, and entrepreneurs.”
Institutions that Benefited from the UBRI campaign by Ripple Labs
Beneficiaries of the project include Yonsei University in South Korea which will receive $1.1 million in a six-year partnership agreement. Additionally, two institutions in Japan namely Kyoto University and the University of Tokyo obtained $1.5 million as part of the initiative.
Similarly, two other institutions in Singapore; Nanyang Technological University and the National University of Singapore received $3 million. The project extends to Australia as well as the UBRI enhanced its partnership with the Australian National University, while collaborating with the Victoria University.
In total, the UBRI has allocated $1.3 million to universities in Australia. Likewise, UBRI also partnered with the National Kaohsiung University of Science and Technology in Taiwan to develop real-world asset (RWA) tokenization.
It is worth mentioning that one of the top professors from an institution that benefited from the program has provided helpful information. Professor Yang Liu of the College of Computing and Data Science at Nanyang Technological University stated that the fund will support its research and development efforts.
The institution is currently developing an AI agent on the XRP Ledger. Liu said the new grant from Ripple Labs will empower the institution to build an AI agent to design transparent, modular, accessible and collaborative AI platform that harness blockchain technology.
The professor further established that the university is confident that the project will prove crucial in shaping the future of artificial intelligence.
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