A US university and a Bitcoin financial services firm have partnered to create a crypto endowment fund, which is part of a long-term strategy for crypto adoption.
The University of Austin (UATX) and Bitcoin financial services firm Unchained have jointly launched a crypto endowment fund in the US. Unchained announced the move in a press release and shared the details of the fund. According to the firm, the fund will raise $5 million. It will invest the proceeds in Bitcoin for at least five years. With this project, Bitcoin will integrate with higher education, said Unchained.
Unchained CEO Joseph Kelly also invested 2 BTC in the fund, amounting to around $138,000. Moreover, the press release noted UATX as the perfect partner for the project.
It said, “UATX is known for its commitment to free speech and integration with the marketplace, making this partnership a natural fit for its long-term vision. By incorporating Bitcoin into its endowment, UATX is setting a precedent for other academic institutions to explore alternative and potentially more resilient financial models.”
Meanwhile, Unchained will also provide a custody vault to store the fund’s holdings securely. Both project partners will leverage each other’s strengths for a successful outcome. The press release highlighted Unchained’s financial expertise and the university’s educational framework.
Finally, the press release also stated the main goal of the project. UATX and Unchained aim to make Bitcoin a central part of the global academic sphere. They will attempt to showcase its potential as an important use case in financial services. In the days ahead, they will also organize several marketing events to raise awareness about the fund.
Bitcoin has also been part of the curriculum of certain US universities in the past. Stanford University’s Blyth Fund has also recently made Bitcoin investments.
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