San Francisco-based Ripple will give the university the money in a five-year agreement. UO is among 17 to receive funding from the company, which is donating more than $50 million in all.

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EUGENE, Ore. — Global cryptocurrency company Ripple will give $1 million in real money to the University of Oregon to support the study of the digital payment industry.

The Register-Guard newspaper of Eugene reports San Francisco-based Ripple will give the university the money in a five-year agreement. The university is among 17 to receive funding from the company, which is donating more than $50 million in all. Ripple will also provide technical support and resources.

Uuniversity of Oregon Provost Jayanth Banavar says the university feels very fortunate and that the money will help in improve its efforts in this area.

The newspaper says Ripple’s donation will support a new program on cryptocurrency, blockchain and cybersecurity in its computer and information science department.

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Cryptocurrencies, like Bitcoin, are currencies that exist only digitally.