Indian Institute of Technology Bombay (IITB) has signed a Memorandum of Understanding (MoU) with Ripple to create a Centre of Excellence to support academic research, technical development and innovation in the blockchain, cryptocurrency and digital payments.
The MoU was signed by Prof. Devang V. Khakhar, Director, IIT Bombay and Mr. Navin Gupta, Managing Director, Ripple.
All about the MoU
IITB will receive a financial donation from Ripple for academic research and technical projects in the areas of Blockchain and distributed networks, cryptocurrency, digital payments and cryptography. In addition to financial resources, the Ripple will also provide strategic guidance and technical resources to IIT Bombay as needed.
“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,”, said Prof. Khakhar.
“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”, he added.
Demand for learning, research and project-based experience is at an all-time high among university faculty and students. The partnership between IIT Bombay and Ripple is expected to go a long way fulfilling that demand.