Originally published on: November 22, 2024
Despite the recent surge in the crypto market, the future of an Australian university’s blockchain research institute, the RMIT Blockchain Innovation Hub, is hanging in the balance amid rumors of a shutdown. According to researcher Ellie Rennie, the first econ and social science blockchain research center has been closed down by RMIT without a clear explanation.
However, conflicting reports suggest that the situation is still in discussion, with no final decision made regarding the fate of the Hub. Co-director Jason Potts is required to propose a viable solution to secure funding and keep the institute operational. The Hub, established in 2017, has struggled to produce high-quality research and consulting work to sustain itself financially.
The uncertainty surrounding the closure of the research center coincides with the resurgence of interest in cryptocurrencies. Following the US presidential election, where President-elect Donald Trump vowed to revamp crypto regulations, Bitcoin has surged by 45% to nearly $100,000.
While the RMIT Blockchain Hub was envisioned as a pioneering venture to bridge academia and industry engagement, challenges in securing funding and aligning with traditional university procedures have cast a shadow over its future. The decision on whether to shut down the Hub rests with RMIT’s deputy vice-chancellor of business, Colin Picker.
In the backdrop of evolving global crypto regulations, the outcome of the US election and the rise of pro-crypto sentiments could impact the trajectory of the industry. With regulatory trends shaping the market, the landscape for blockchain research centers like RMIT’s Hub remains uncertain.
As industry dynamics continue to shift, the fate of the RMIT Blockchain Innovation Hub hangs in the balance, awaiting a resolution that could determine its future in the rapidly evolving crypto ecosystem.
