In a recent tweet, Wrathof Kahmeman, a prominent figure in the XRP community, shared an interesting revelation about Ripple Labs’s UBRI initiative. The tweet highlighted a resume from the University of Waterloo, which discussed recent Central Bank Digital Currency (CBDC) research based on the XRP Ledger (XRPL). The resume mentioned that a banking interface prototype would be presented at UBRI Connect 2023, indicating exciting development in Canada’s blockchain scene.
The document from the University of Waterloo revealed that they were seeking a Research Assistant named William Park for a tenure spanning May to August 2023. The role required proficiency in Python, Flask, XRPL, React, and TypeScript, and included responsibilities such as evaluating the viability of a CBDC based on the XRPL blockchain and prototyping a banking interface using Flask, the xrpl-py library, and React.
UBRI Connect is a gathering that brings together scholars, researchers, and thought leaders from the UBRI network to showcase blockchain initiatives, disseminate knowledge, and stimulate future research. Scheduled for October 12-13 in Toronto, this event plays a critical role in promoting collaboration and innovation in the blockchain space. Ripple Labs recently published a blog post in June 2023, providing further context for their deepening ties with Canadian institutions.
Ripple’s University Blockchain Initiative (UBRI) has established a partnership with the University of Toronto, which involves launching an independent XRP Ledger validator and recruiting XRPL campus ambassadors for upcoming batches. Professor Andreas Veneris of the University of Toronto expressed his admiration for Ripple, stating that the XRP Ledger validator aligns with their goals of promoting education and social wellbeing.
The UBRI initiative has made significant contributions to blockchain and crypto technology research in Canada, having invested over $2 million in premier Canadian educational institutions over the past five years. This investment has fostered innovation and growth in blockchain-centric research and education.
Ripple’s expansion in Canada is noteworthy, as the company inaugurated an engineering hub in Toronto within a year. This move demonstrates their commitment to recruiting top-tier technical talent and their ambitious plans for the future.
In addition to their efforts in Canada, Ripple is also focusing on a private version of the public, open-source XRP Ledger tailored for Central Banks. This CBDC Private Ledger is designed for payments and offers cost-effective, reliable, and near-instantaneous transactions at a scale that Central Banks demand. Supported by RippleNet technologies, the CBDC Private Ledger ensures high security standards and customization based on unique privacy and policy requirements.
Several countries, including the Republic of Palau, Montenegro, and Hong Kong, are already piloting CBDCs on the XRP Ledger, showcasing its potential as a trusted platform for digital currencies.
As of the time of writing, XRP is trading at $0.5203, reflecting its stability in the market.
Ripple’s commitment to fostering talent, innovation, and collaboration in Canada, along with its focus on CBDCs, demonstrates their dedication to driving advancements in blockchain technology. With their expanding network and strategic partnerships, Ripple is well-positioned to continue making significant contributions to the blockchain ecosystem.
