The Stevens Center for Finance Innovation at the University of Pennsylvania will launch the Cypher Accelerator in February to invest in blockchain startups.
How
report local media, every semester in the three-month program will be attended by 10 to 15 cryptocurrency startups. Project developers will be able to attend training seminars and interact with cryptocurrency enthusiasts such as Mark Cuban and Tim Draper. Project applications for participation in the program are accepted until November 30. It will start in February 2022 and will run until early May.
The program will be divided into three phases: consulting with industry leaders, developing a business model and investment plan, and demonstrating the project to investors to obtain funding. The Managing Director of the Innovation Center Sarah Hammer expressed hope that Cypher Accelerator will accelerate the introduction of blockchain and cryptocurrencies into financial processes. According to Hammer, startups that become members of Cypher Accelerator will develop blockchain-based solutions not only for the financial industry, but also for the healthcare, insurance and agriculture sectors.
“Part of our mission is to support the development of the blockchain by unlocking its opportunities for students and faculty at the University of Pennsylvania,” said Hammer.
The Stevens Innovation Center opened in March 2019. Its mission is to study blockchain and its use cases in the financial industry. University of Pennsylvania professors believe that, thanks to the new initiative, students will be able to explore leading trends in blockchain and financial technology through specific projects.
Rishin Sharma, head of the blockchain lab at the Wharton School of Business at the University of Pennsylvania, said Cypher Accelerator will open up new career opportunities for students.
“I believe that there are too many creative and smart people at our university who should not become ordinary employees of large banks. If students become interested in innovations that can revolutionize the financial industry, then the University of Pennsylvania will truly change the financial system of the 21st century, ”Sharma said.
The possibilities of blockchain are being studied not only in foreign universities. This year, the Moscow Institute of Physics and Technology (MIPT) has already issued diplomas to the first graduates of the master’s program in blockchain.
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