University foundations invest in crypto

According to Coindesk, major university foundations have been tacitly buying crypto assets since 2018

Coindesk’s sources indicated that some of the largest university foundations were gradually being built in crypto through exchanges like Coinbase. The crypto outlet stated that the Harvard, Yale and Brown foundations have accounts with Coinbase and other exchanges that make it easier to acquire crypto. Coindesk cited two « reliable » sources who became aware of the matter.

University foundations are a collection of assets held by universities to aid them in their educational mission over the long term. They usually consist of money or other assets donated to these institutions.

The Harvard, Yale, and Brown foundations aren’t the only ones made up of crypto funds. Several other colleges and universities, including the University of Michigan, are directly invested in cryptocurrencies. According to sources, some Ivy League foundations were lured into blockchain technology by crypto companies in 2018.

« There are several of them. A lot of foundations are currently spending some money on crypto, » the anonymous source reported.

Around the same time, Bloomberg reported that Yale was looking at cryptocurrencies. CNBC also reported that Yale’s chief investment officer, David Swensen, supports two crypto companies. The first was led by Andreessen Horowitz, the other by Fred Ehrsam, board member of Coinbase, and Matt Huang, partner of Paradigm.

According to Coindesk, other universities like Dartmouth College, Stanford, the University of North Carolina and MIT have supported venture capital firms specializing in crypto. Some of these names are now directly immersed in the cryptocurrency industry.

It’s worth noting that the university’s foundations were extensively mentioned in Coinbase’s 2020 annual report, but no specific names were given. A source reported that universities like Harvard, Yale, and Brown had accounts with the fast-growing crypto exchange Coinbase for about a year and a half.

« It could be since mid-2019. Most have been around for at least a year. I think they’ll probably discuss it publicly sometime this year. I think they’d sit on some nice pieces of cake. « 

Harvard has the largest basket of foundations among the universities concerned. The assets in his foundation basket are worth more than $ 40 billion. Yale ranks second behind Harvard with an estimated endowment of $ 10 billion. The University of Michigan and Brown follow with around $ 12.5 billion and $ 4.7 billion, respectively.

The exact proportion of university foundations invested in crypto is not yet clear at this point in time.

University foundations invest in crypto
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