Unchained, a Bitcoin financial services company, has joined forces with the University of Austin to establish a groundbreaking endowment fund that will exclusively hold Bitcoin (BTC). The partnership, announced on May 31st, aims to raise $5 million, which will be invested in BTC for a minimum of five years. The objective of this initiative is to integrate Bitcoin into the realm of higher education and explore alternative financial strategies.
Joseph Kelly, the CEO of Unchained, kickstarted the fund by personally donating 2 BTC, which is currently valued at approximately $137,000. “The world needs more great founders, and we are excited to bring together our communities to build something new,” Kelly stated in a post on X.
To ensure the secure storage of the endowment fund, Unchained will provide a collaborative custody vault. Moreover, the initiative plans to foster community engagement through various means, including joint marketing campaigns, events, guest lectures, and debates. The aim is to educate the public about the advantages of Bitcoin and its potential to revolutionize finance and education.
It is worth noting that UATX is not the only academic institution in the United States investing in cryptocurrencies. In March, Cointelegraph reported that Stanford University’s Blyth Fund had increased its portfolio exposure to 7% BTC through BlackRock’s spot Bitcoin ETF. Furthermore, prestigious Ivy League Universities like Harvard, Yale, and Massachusetts Institute of Technology (MIT) have been exploring crypto investments since as early as 2018.
In conclusion, Unchained and the University of Austin’s partnership marks a significant milestone in the adoption of Bitcoin in higher education. By incorporating Bitcoin into its endowment, UATX is setting an example for other academic institutions to explore alternative and potentially more resilient financial models.
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