RMIT Blockchain Hub's Future in Doubt Amid Claims of Shutdown

The future of the RMIT Blockchain Innovation Hub in Australia is uncertain, with reports suggesting it may be shut down. Professor Ellie Rennie, a member of the Hub, posted on X (formerly Twitter) on November 22, claiming the research institute had been "shut down" with "no clear reason" provided. However, the Hub's co-director, Professor Jason Potts, clarified in a statement to Cointelegraph that discussions are still ongoing, and no final decision has been made.
"It's a fluid situation," Potts said, explaining that there are still ongoing talks about the Hub's future. Rennie later revised her earlier statement, stating that the situation is still under discussion.
The RMIT Blockchain Hub, which launched in 2017, has struggled to secure sufficient funding and produce the high-quality research or consulting work necessary to sustain itself. Sources familiar with the matter noted that the Hub's inability to become financially self-sufficient is a key factor in the current discussions.
Unlikely Timing Amid Crypto Resurgence
The uncertainty surrounding the Hub comes at an unusual time, as the cryptocurrency market experiences a significant resurgence. Bitcoin has surged nearly 45% to approach $100,000 following promises from President-elect Donald Trump to overhaul crypto regulations in the US, creating renewed global interest in the sector.
A source familiar with the situation revealed that Potts and co-founder Professor Chris Berg had referred to the Hub as an “experiment,” aiming to develop a new business school model where industry engagement and entrepreneurship were prioritized over traditional academic practices, such as publishing in top-tier journals. This approach, the source said, may have contributed to the Hub's struggles in securing funding, as it did not fit neatly into standard university procedures.
Internal University Discussions
RMIT’s internal processes require staff consultation for one week before any major decision is made, meaning that Potts will need to present a viable plan to secure further funding if the Hub is to continue. The decision will likely rest with RMIT’s Deputy Vice-Chancellor of Business, Professor Colin Picker.
Despite challenges securing funding in recent years, the global landscape for crypto is evolving, and the election of a pro-crypto president in the US could change the situation. Many countries look to the US for regulatory guidance, and Trump's promises to make the US the "world capital of crypto" have generated optimism in space.
In Australia, some within the center-right Liberal Party have shown support for the local crypto industry ahead of the federal election, which is expected to occur before May 17, 2025. Calls for clearer consumer protection laws in the local crypto market have grown, with some local players citing the risk of entering an unregulated market as a major barrier to investment.
As the future of the RMIT Blockchain Hub remains uncertain, its potential closure highlights the challenges faced by institutions in the rapidly changing world of cryptocurrency and blockchain research.
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