Key Points
- Unchained collaborates with the University of Austin to create a $5M endowment fund held in Bitcoin.
- The partnership aims to incorporate Bitcoin into higher education and explore innovative financial strategies.
Unchained, a leading US financial services and Bitcoin custody firm, has partnered with the University of Austin (UATX).
Their joint venture is a pioneering endowment fund held entirely in Bitcoin. The fund aims to raise $5 million, which will be invested solely in Bitcoin for a minimum of five years.
Initiating the Project
The partnership’s goal is to incorporate Bitcoin into higher education and explore other innovative financial strategies.
Joseph Kelly, CEO and co-founder of Unchained, has personally donated 2 Bitcoin, valued at approximately $138,000 at current prices, to kickstart the project. This donation reflects Kelly’s belief in Bitcoin’s potential and the mission of the University of Austin.
Kelly expressed his enthusiasm for leading this initiative, emphasizing the need for visionary founders to unite the Bitcoin and academic communities.
He stated that the world needs more great founders and that the partnership with UATX aims to create something innovative and impactful.
Unchained and the university are planning a series of high-profile events and activities to raise the remaining funds needed to reach the $5 million goal.
These fundraising events aim to engage the broader community and garner widespread support for the endowment fund.
Setting a New Precedent
Unchained will donate its collaborative custody vault to store the funds and ensure it is safe from malicious actors. The vault is designed using its robust custody model to safeguard the assets and provide UATX with a reliable and secure investment vehicle.
The University of Austin, known for its dedication to free speech and market integration, views the collaboration with Unchained as a way to set a new precedent for academic institutions.
By integrating Bitcoin into its endowment, UATX aims to pave the way for other universities to explore alternative and potentially more resilient financial models.
The partnership is expected to foster stronger ties between the university and the Bitcoin community through various initiatives. These include joint marketing campaigns, events, guest lectures, and debates, all designed to promote a deeper understanding and integration of Bitcoin in academic settings.
Increasing Academic Interest in Crypto
The partnership between Unchained and UATX comes at a time when academic institutions are increasingly showing interest in the crypto sector. For instance, in 2018, other American universities such as prestigious institutions like Harvard, Yale, and MIT announced individually that they had investments in Bitcoin.
Since then, other schools have continued to follow their footprints. In April this year, Stanford University revealed that its Blyth Fund had increased its portfolio exposure to 7% in Bitcoin. The fund purchased BlackRock’s spot Bitcoin ETF which became available for trading in January this year.
More recently, in February, Cornell University transitioned from investing in Bitcoin to launching a full Bitcoin degree program. The university’s Robert S. Harrison College Scholar Program at Cornell’s College of Arts & Sciences approved the new independent study program in January this year.
