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Home News

Unchained Partners With University of Austin to Create Higher Ed’s First Bitcoin Endowment Fund

31 May 2024
in News
Reading Time: 3 mins read
102 7
Unchained Partners With University of Austin to Create Higher Ed's First Bitcoin Endowment Fund

source: apps.apple.com

Bitcoin financial services company Unchained Capital Inc. and the University of Austin, Texas (UATX) have partnered to establish the first-ever endowment fund denominated entirely in Bitcoin (BTC) at a higher education institution.

Unchained revealed this move in a blog post on May 31, stating that the pioneering initiative aims to raise $5 million, which will remain invested in Bitcoin for at least five years.

The initiative seeks to integrate Bitcoin into higher education, explore novel financial strategies, and further both institutions’ aims of “emphasizing sound money principles, resistance to censorship, and challenging the status quo.”

University endowments, typically consisting of donated financial assets, serve as self-sustaining sources of funding by retaining a portion of the fund balance.  

According to the announcement,

“By incorporating bitcoin into its endowment, UATX is setting a precedent for other academic institutions to explore alternative and potentially more resilient financial models.”

Unchained’s CEO, Joseph Kelly, made the first personal contribution to the fund, a donation of 2 BTC, which is currently valued at approximately $137,000.

In a post on X (formerly Twitter), Kelly expressed excitement about the partnership, stating,

“The world needs more great founders, and we are excited to bring together our communities to build something new.”

In addition to financial support, Unchained will provide a collaborative custody vault to manage the endowment fund securely.

Both institutions also plan to foster community engagement through joint marketing efforts, events, guest lectures, and debates, all geared towards educating the public about Bitcoin’s advantages and potential to transform finance and education.

UATX’s move reflects a growing trend among American universities towards investing in cryptocurrencies.  In March 2024, Kole Lee, a computer science major and leader of the Stanford Blockchain Club, announced that the student-managed Blyth Fund at Stanford University allocated approximately 7% of its portfolio to Bitcoin.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BitcoinTexas UniversityUnchained
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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