Hong-kong based cryptocurrency exchange, Crypto.com, known for its industry-standard security measures, announced on Thursday that it is granting a donation of an undisclosed amount to the Crypto Research Lab of the University of Pennsylvania (UPenn) in order to boost the analysis of security and privacy in this age of digital revolution. The crypto exchange inked this deal to fund blockchain research for the next two years.
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According to the official blog post, contributions made to UPenn’s new Crypto Research Laboratory Fund will be utilized to conduct studies on how cryptography and programming could prevent growing security and privacy issues in real-life blockchain projects.
Chief Operating Officer at Crypto.com, Eric Anziani, said;
The focus of the University of Pennsylvania’s crypto lab will be tremendously valuable for wider, real-life blockchain applications while also exploring new approaches to further privacy and security capabilities. We are incredibly excited to support the foundation of this blockchain research lab within such an esteemed academic program.
Moreover, the announcement highlights that UPenn will form a new research center in the School of Engineering and Applied Sciences with this 2-year research gift. The research will focus on bringing transparency and trust to crypto-oriented companies regarding privacy and security.
Crypto.com Aims To Expand Blockchain Security
Notably, it was not the first time Crypto.com has backed academic initiatives for research on blockchain technology.
Last month, the crypto exchange disclosed a 4-year research gift to the Massachusetts Institute of Technology (MIT) Digital Currency Initiative. And that research project will conduct studies to improve Bitcoin security and usability.
Likewise, the crypto firm sponsored the founding of the Secure Blockchain Initiative in March under the management of Carnegie Mellon University. That project aims to work on improving the security in the blockchain and spread a better understanding of the digital ecosystems.
Not only that, Crypto.com in the same month won the membership of the Blockchain Association of Singapore. It brings the crypto exchange into the line of giant companies such as Visa, Algoran, Ledger, Tezos, and PWC, promoting the growth of blockchain technology in the mainstream.
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As its most recent achievement, Crypto.com announced on Tuesday that it partners with Shopify, and “Shopify merchants can now enable Crypto.com Pay on their online storefronts and expand their reach by giving customers more ways to make their purchases.” This collaboration intends to make Crypto.com Pay app a preferred payment tool for online merchants wanting to use cryptocurrencies in their businesses.
The official announcement of Crypto.com reads;
To welcome Shopify merchants to Crypto.com Pay, Crypto.com will waive the 0.5% settlement fee for one month. The promotion is valid until 30 June 2022.
Besides contributing to the institutions conducting blockchain research outside, Crypto.com also has its own Research & Insights team. The team publishes monthly reports on multiple topics, including market size analysis and security.
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