The University of Michigan is accepting its first grant paid in cryptocurrency, coincidentally, for its continuing work in the blockchain/crypto field.
In 2019, U-M was selected as one of 26 universities to join the University Blockchain Research Initiative (UBRI)—a program funded by Ripple, one of the first fintech firms. Ripple was started by a team that includes U-M alumni. It provides governments and financial institutions the means to “move, manage and tokenize” the value of their financial resources via Ripple’s ledger (XRPL) and its stablecoin cryptocurrency, RLUSD. Ripple became famous in 2012 by cutting time and cost for international money transfers.
Peter Adriaens, a U-M professor of civil and environmental engineering and the School for Environment and Sustainability, discusses the project and the payment.
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