Fintechs Canada
Cryptocurrency North America Trending

Ripple Capitalises on Crypto Opportunity in Canada Through University of Toronto

Ripple, the blockchain and crypto-based paytech, has solidified its place in the Canadian market following a partnership with the University of Toronto. Specifically, Ripple’s University Blockchain Initiative (UBRI) will be partnering with the university to help the latter launch an independent XRP Ledger validator. This will play a key role in recruiting XRPL campus ambassadors for future cohorts.  

Crypto growth has steadily increased in Canada since its boom during the pandemic. According to Statista, the amount of Canadian crypto users shot up from 1.35 million users in 2020 to 5.1 million in 2021. Since then, the amount of crypto users has steadily increased by roughly two million a year. The UBRI partnership looks to build on this popularity in Canada.

The program not only supports important blockchain and crypto tech research in the country, but it also educates students on how to acquire the technical skills for a career in and around crypto. Since 2018, when the program launched, UBRI has invested over $2million in Canadian universities and colleagues to foster crypto and blockchain innovation and growth.

The University of Toronto’s Professor Andreas Veneris, who has made a number of impressive research contributions to the field of computer science over the past decade, said: “I have been following Ripple for a decade, as they have been an early leader in blockchain technology. Hosting an XRP Ledger validator matches our goals in both promoting education around the XRP Ledger being a decentralised blockchain, but also the public’s trust in scholars for their long-standing ethos to advance social wellbeing.”

Building a blockchain consortium 

The University of Toronto joins current Canadian UBRI partners: University of Waterloo and Toronto Metropolitan University. As part of its work, UBRI aims to financially support research journeys like that of Professor Veneris and help build an interconnected, global academic consortium for future innovators.

“With Ripple’s support, we aim to understand challenges and opportunities of organisations adopting cryptocurrency as a method of payment including inter/intra jurisdictional transactions. This is novel and multidisciplinary research at the intersection of technology and Information System Management research,” commented Professor Atefeh Mashatan, director of the cybersecurity research lab, Ted Rogers School of Management at Toronto Metropolitan University.

“We are also very proud to host this year’s UBRI Connect conference and welcome over hundreds of blockchain academics from more than 50 universities from 24 countries.”

Aggressive targets for the future

Ripple has identified Canada as a significant component of its North American growth strategy. The partnership further builds on an engineering hub which was established in Toronto last year. Additionally, it adds to Ripple’s effort to recruit top talent from the region.

The crypto paytech is ambitious when it comes to its growth plans. It has set aggressive targets for the year ahead having doubled its initial hiring goals and grown the Toronto team to 30+ full-time members. In the short term, Ripple plans to more than double its current team to over 70 members. These members will be comprised of engineers and business operations staff who will support RippleX.  Furthermore, they will be tasked with overall product design, technical services and delivery.

Ripple has surpassed its goal of hiring 10 summer interns already in its Toronto office. Historically, Ripple’s internship program has seen many interns move into full-time roles. Last year, two interns from the University of Waterloo accepted offers for full-time positions with Ripple.

All of this is due to the wealth of diverse crypto and technology talent, and positive progressive movements providing strategic business opportunities for Web3 businesses to thrive in Canada.

The Ripple team has expressed its excitement for the future of crypto as it looks to recruit exceptional talent from across Canada. All the while expanding community-powered utility on the XRP Ledger and championing further blockchain research and development in academia.

Author

  • Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist interest in North and South America.

Related posts

Tranglo: How New-Age Solutions Are Shaping Southeast Asia’s Cross-Border Payment Capabilities

The Fintech Times

Mixed Reaction to the UK Government’s new Fraud Strategy

Tom Bleach

Hub71 Welcomes 23 Startups as Part of 13th Cohort and Strengthens ClimateTech Focus

The Fintech Times