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Jesse Coghlan
3 hours ago


RMIT BLOCKCHAIN HUB FUTURE IN DOUBT AMID CLAIMS IT WILL ‘SHUT DOWN’

The future of Australia’s Blockchain Innovation Hub at RMIT is unknown as it has
reportedly entered discussions about whether it should be shut down.

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An Australian university’s blockchain research institute is facing an uncertain
future despite a blistering crypto market rally, with one professor claiming on
X it has been “shut down.”

“The first econ and social science blockchain research center was shut down by
RMIT,” Royal Melbourne Institute of Technology (RMIT) Blockchain Innovation Hub
member Professor Ellie Rennie said in a Nov. 22 X post, adding there was “no
clear reason” why.

But, the institute’s co-director, Professor Jason Potts — also Rennie’s husband
— told Cointelegraph that it’s a “fluid situation” that is “still in discussion”
and “no decision” had been made on whether it would be shut down.

“It was my understanding that yesterday the Blockchain Hub was being shut down,”
Rennie said, walking back her earlier posts on X after Cointelegraph asked for
further comment. “Today, there are now ongoing discussions.”

Source: Ellie Rennie

RMIT’s process requires that it consult with staff for one week, meaning Potts
would need to pitch a viable solution to finance the Hub if it is to survive,
people with knowledge of the matter told Cointelegraph. 

The hub, which opened in 2017, hasn’t produced enough high-quality research or
consulting work to garner enough funding to be self-sustaining, they said. 


UNUSUAL TIMING

RMIT’s discussions over whether to shut down the research center come just as
crypto has been roaring back into mainstream consciousness. 

Bitcoin BTC $98,826 has rocketed 45% to nearly $100,000 after Donald Trump’s
election win, who promised to overhaul crypto regulations in the United States.

A person familiar with the situation, given anonymity to discuss the matter,
said Potts and co-founder Professor Chris Berg had repeatedly told staff that
the Hub is “an experiment.”

The source said Potts had spoken of how the Hub aimed to develop “a new type of
business school” where academics were expected to be “industry-engaged and
entrepreneurial” and that getting published in top-tier journals — important for
a university’s clout and getting research funded — “was a secondary
consideration.” This may be why the Hub couldn’t fit into “standard university
procedures.”

“We were told the university wanted us to rapidly gain a reputation in the
blockchain space that it could then leverage to gain students and industry
relevance,” the person said.

RMIT Building 97 in central Melbourne houses the Blockchain Innovation Hub.
Source: Apple Maps

“We were working to industry time in a fast-moving business environment and
could not keep to ‘academic time’ and practices,” the person said. “That
argument was made to us many times.”

It is understood the decision on whether to shut the Hub will come down to
RMIT’s Deputy Vice-Chancellor of Business, Professor Colin Picker.

Related: Coinbase launches Stand With Crypto advocacy group in Australia

While funding may have been challenging to acquire in recent years, the global
landscape may be altered by the election of a pro-crypto President in the US.

Across the world, many countries’ regulators look to the US — the world’s
largest economy with its leading financial center, New York City — as a guide on
how to regulate their local markets.

Perceptions of crypto have shifted with Trump’s win, who has promised the US
will be “the world capital of crypto” and will reign in the Securities and
Exchange Commission, which has launched countless lawsuits against local
industry players and whose current Chair is set to quit when the president-elect
is sworn in.

In Australia, some within the center-right Liberal Party have pledged support
for the local industry in the leading up to a federal election slated on or
before May 17, 2025.

Local players have called for clearer consumer protection laws for crypto, with
local exchange Swyftx estimating a wave of potential investors are being
sidelined due to “the risk of entering an unregulated market.”

Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’ — Kain
Warwick, Infinex

Explore more articles like this

Subscribe to our Crypto Biz newsletter

Weekly snapshot of key business trends in blockchain and crypto, from startup
buzz to regulatory shifts. Gain valuable insights to navigate the market and
spot financial opportunities. Delivered every Thursday


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 * #Australia


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