Ripple, the paytech company based on blockchain and cryptocurrency, is making significant strides in Canada through its partnership with the University of Toronto. The University Blockchain Initiative (UBRI) by Ripple will collaborate with the university to establish an independent XRP Ledger validator. This will play a crucial role in recruiting future cohorts of XRPL campus ambassadors.
Crypto adoption has been on the rise in Canada, particularly since the pandemic. Statista reports that the number of Canadian crypto users surged from 1.35 million in 2020 to 5.1 million in 2021.
Subsequently, the number of crypto users has been steadily increasing by approximately two million each year. The UBRI partnership aims to capitalize on this growing popularity in Canada.
Supporting Research and Education
The UBRI program facilitates important research in blockchain and crypto technology within the country. Additionally, it provides students with the necessary technical skills for a career in the crypto industry.
Since its launch in 2018, UBRI has invested over $2 million in Canadian universities and colleagues. This has since fostered innovation and growth in the field of crypto and blockchain.
Professor Andreas Veneris of the University of Toronto, known for his notable contributions to computer science research in the past decade, expressed his admiration for Ripple and its role as an early leader in blockchain technology.
He stated,
“Hosting an XRP Ledger validator aligns with our objectives of promoting education on the XRP Ledger as a decentralized blockchain and the public’s trust in scholars who strive to advance social well-being.”
Forming a Blockchain Consortium
The University of Toronto joins existing Canadian partners of UBRI, namely the University of Waterloo and Toronto Metropolitan University. Alongside supporting the research journeys of scholars like Professor Veneris, UBRI seeks to create an interconnected global academic consortium to foster future innovation.
Professor Atefeh Mashatan, the director of the cybersecurity research lab at Ted Rogers School of Management, Toronto Metropolitan University also gave her two cents. She highlighted the significance of Ripple’s support in understanding the challenges and opportunities faced by organizations adopting cryptocurrency as a method of payment.
She further emphasized the novel and multidisciplinary nature of the research at the intersection of technology and Information System Management.
Canada as a Key Growth Component
Ripple has recognized Canada as a crucial element of its North American growth strategy. This partnership further strengthens its engineering hub, established in Toronto last year, and enhances its ability to attract top talent from the region.
With ambitious growth plans, Ripple has set aggressive targets for the upcoming year. It has doubled its initial hiring goals and expanding the Toronto team to over 30 full-time members. The company aims to more than double the current team in the short term, reaching over 70 members.
These professionals will include engineers and business operations staff responsible for supporting RippleX, overall product design, technical services, and delivery.
Ripple’s Toronto office has already surpassed its goal of hiring 10 summer interns. Notably, many of Ripple’s interns have transitioned into full-time positions in the past. Furthermore, two interns from the University of Waterloo accepted offers for permanent roles with the company last year.
Excitement for Crypto’s Future
Ripple’s team is excited about the future of cryptocurrency and is actively seeking exceptional talent from across Canada. The company aims to expand community-powered utility on the XRP Ledger while advocating for further blockchain research and development in academia.
With a wealth of diverse crypto and technology talent and a progressive environment that presents strategic business opportunities, Canada is proving to be a thriving hub for Web3 businesses.
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