Indian Institute of Technology Bombay Partners With Ripple To Accelerate Innovation In Blockchain and Cryptocurrency
Amsterdam and Mumbai, June 4, 2018: Indian Institute of Technology Bombay (IIT Bombay) today signed a MoU with Ripple to create a Centre of Excellence to support academic research, technical development and innovation in blockchain, cryptocurrency and digital payments. The MoU was signed by Prof. Devang V. Khakhar, Director, IIT Bombay and Mr. Navin Gupta, Managing Director, Ripple.
Speaking about the relevance of the association, Prof. Khakhar, said, “This is a partnership between a financial technology company and an academic institution, to promote greater understanding and utilization of blockchain, cryptocurrency, cryptography and related topics of mutual interest, and to foster a widespread adoption and innovation in these fields globally. The partnership will enable our faculty and students with novel opportunities for research and technology development in blockchain and cryptocurrency which will add value to the global blockchain ecosystem as well as emerging fields like FinTech. We look forward to the fruits of the collaboration in terms of the advancement of high quality research and development”.
The Institute will receive a financial donation from Ripple for academic research and technical projects in the areas of Blockchain and distributed networks, Cryptocurrency and digital payments, and Cryptography.
In addition to financial resources, Ripple has also committed to provide strategic guidance and technical resources to IIT Bombay as needed.
Ripple is partnering with 17 prestigious institutions across the globe including IIT Bombay to support FinTech workforce. Speaking about this collaboration Eric van Miltenburg, SVP of Global Operations at Ripple said, “Academia has traditionally been a critical driver of technical innovation. “University Blockchain Research Initiative” is an acknowledgment of the vital importance of the unique role universities will play in advancing our understanding and application of cryptography and blockchain technology. It also speaks to the reality that university graduates will fuel a continually evolving and maturing financial marketplace and workforce. Much of the enthusiasm and activity to date around blockchain is disconnected from real use cases that result in clear customer benefits. While Ripple won’t dictate research parameters, we are excited to play a role in helping to support projects that explore increasingly useful applications of blockchain and cryptocurrencies.”
Demand for learning, research and project based experience is at an all-time high among university faculty and students, and the partnership between IIT Bombay and Ripple will go a long way to fulfilling that demand.
Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.