University in Texas, USA, will keep Bitcoin long-term in its endowment fund – DiarioBitcoin
By Hannah Perez
The University of Austin partnered with Unchained for a $5 million Bitcoin endowment fund that the institution committed to maintain for five years.
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- The University of Austin and Unchained create a Bitcoin endowment fund in partnership
- The investment will be USD $5 million in Bitcoin and the university will maintain it for 5 years
- Seeks to establish alternative financial models for higher education institutions
A university in the United States and a cryptocurrency company teamed up to bring Bitcoin to higher education.
The University of Austin (UATX), in Texas, announced a partnership with the company Unchained to launch a long-term endowment fund Bitcoin. Joseph Kelly, CEO and co-founder of Unchainedlaunched the initiative with a personal donation of 2 bitcoins (BTC), valued at about USD $137,000, as detailed in a press release.
The goal is to raise a total of 5 million dollars in Bitcoin for the long-term endowment fund. According to the announcement, the institution has committed to maintaining the investment for a period of at least five years.
The duo described the initiative as the first long-term endowment fund in Bitcoin from a higher education institutionand said that, among the objectives, it also includes the exploration of alternative financial strategies.
“By adding Bitcoin to its endowment, UATX is setting a precedent for other academic institutions to explore alternative and potentially more resilient financial models.“, reads in the written.
University of Austin integrates Bitcoin
The partnership also seeks to merge the University of Austin with the community of Bitcoin broader by collaborating on planned efforts, such as joint marketing campaigns, events, guest lectures, and hosted discussions.
“The world needs more great founders and we’re excited to bring our communities together to build something new“Kelly highlighted in a publication on his Instagram account. x.
Unchainedalso based in Austin and specializing in vaults Bitcoin multi-signature, will offer custody services to the university to help it preserve its bitcoins during the planned period. In particular, the company will be responsible for will provide a custody vault collaborative to securely store the endowment fund.
Founded in 2016, Unchained facilitates the people and companies to have your own keys Bitcoin through its collaborative custody model. TOcurrently manages more than USD $6 billion in Bitcoin.
“University endowments are intended to serve students, and Bitcoin provides a unique opportunity to advance UATX’s commitment to cultivating future generations of leaders and innovators“said Thomas Hogan, incoming associate professor at the Center for Economics, Politics and History.
According to the statement, the University of Austin is a private, nonprofit institution dedicated to the fearless pursuit of truth.
“I am very passionate about what UATX is building in Austin“Kelly added. “I have seen the values that the organization places on freedom of expression and building a modern academic institution that is integrated with the market, and I am delighted to play a role in helping the university make Bitcoin part of its strategy for the future. long term“.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.
