The University of Texas at Austin is among one of the first academic institutions to receive funding from Ripple, the San Francisco-based distributed ledger technology startup.
The company pledged to invest $2 million over the next five years in the university’s McCombs School of Business to support its Blockchain Research Initiative, according to a report from The Daily Texan Thursday.
The funding by Ripple is part of the $50 million it pledged to invest in blockchain research by universities around the world, as previously reported by CoinDesk. Other recipients included Princeton University, MIT and 14 other worldwide institutions, the report said.
However, McCombs School of Business does not yet have a firm plan for how it will direct these funds, said Cesare Fracassi, an associate professor of finance.
Fracassi, who also runs the school’s Blockchain Initiative program, told CoinDesk that the school plans to call for proposals later this year. Projects run by both faculty and graduate students could receive funding from the program.
“Not only the business school but other branches will be able to participate as well. For example, the medical school expressed interest in blockchain research,” Fracassi said…