The University of Kansas has announced it is receiving a $2 Million donation from Ripple to fund cryptocurrency and payment system research. The company committed to donating $400,000 per year over a five-year period, with funds earmarked for the university’s Kansas School of Engineering information and Telecommunication Technology Center.
According to a press release on Thursday, the school has been given free rein to choose the research topics. Ripple will provide funding and “collaborate with students and faculty” while offering access to its technical expertise and resources. In addition to research, the donation will also reportedly provide support for the university’s student-led blockchain advocacy organization, KU Blockchain Institute.
Engineering Dean Arvin Agah highlighted the gift’s importance for the school and its students:
“The concentration of expertise at the ITTC and KU’s environment of collaboration across disciplines puts the university in a unique position to capitalize on this opportunity and make exciting discoveries in this burgeoning field. We are grateful to Ripple for the gift. This type of recognition again shows that KU has world-class faculty conducting research on par with other top-tier institutions.”
The donation to KU is part of Ripple’s previously-reported University Blockchain Research Initiative, through which the company has pledged to donate $50 million to various colleges around the globe. Ripple donated to seventeen universities in its first round of pledges. The KU gift is part of a second round of donations that will reportedly benefit an additional eight schools.