The company Ripple announced that it will allocate more than $50 million of the 17 universities around the world for funding academic research in the field of blockchain.

A startup from San Francisco announced a partnership initiative Blockchain University Research Initiative (UBRI), under which universities will provide financial and technical assistance. The scientific and educational institutions will be able to set their own research topics, noted in a statement.

“We are happy to announce the initiative UBRI — partnership with the best universities in the world to support and accelerate scientific research, technological development and innovation in blockchain, cryptocurrency and digital payments,” — said in a statement Ripple.

Outside the US the list of institutions that will receive donations from Ripple includes companies from Australia, Brazil, Canada, Europe, India and South Korea.

Funding to universities will be allocated in US dollars and not in bitcoin, said the company.

Ripple is a payment network based on blockchain technology, is promoting based on new technology several products designed for cross-border payments. The initiative UBRI company hopes to accelerate research and development in the field of blockchain, and help to create new curriculum, to access technology for students.

Recall that in late may, a major UK payment company Currencies Direct was the first European financial institutions have made cross-border transfer of money with the use of the token XRP platform xRapid from Ripple.