A Bitcoin financial services company and UATX aim to raise $5 million for a five-year investment in BTC.
Bitcoin financial services firm Unchained has partnered with the University of Austin (UATX) to launch a groundbreaking long-term endowment fund held in Bitcoin (BTC).
On May 31, Unchained, a crypto services and custody company based in Austin, Texas, announced its collaboration with UATX. Together, they are initiating the first long-term endowment fund maintained in Bitcoin, with an ambitious goal of raising $5 million. This fund will be invested in BTC for a minimum of five years.
The initiative aims to integrate Bitcoin into higher education and explore alternative financial strategies. “By incorporating Bitcoin into its endowment, UATX is setting a precedent for other academic institutions to explore alternative and potentially more resilient financial models,” the announcement stated.
Joseph Kelly, CEO of Unchained, initiated the fund with a personal contribution of 2 BTC, valued at approximately $137,000 at current prices.
“The world needs more great founders, and we are excited to unite our communities to build something new,” Kelly announced in a post on X on May 31.
Unchained will also offer a collaborative custody vault to securely store the endowment fund.
This initiative aims to promote community engagement through joint marketing campaigns, events, guest lectures, and debates designed to educate the public about Bitcoin’s benefits and its potential to transform finance and education.
University endowments consist of financial assets, including money, donated to academic institutions. These funds serve as self-sustaining sources of funding by intentionally preserving a portion of the fund balance.
UATX is among several American universities investing in cryptocurrency. In March, Cointelegraph reported that Stanford University’s Blyth Fund had allocated 7% of its portfolio to Bitcoin through BlackRock’s spot Bitcoin ETF.
Moreover, Ivy League universities like Harvard, Yale, and the Massachusetts Institute of Technology (MIT) have been involved in crypto investments since at least 2018.
Read More: Crypto losses from fraud and hacks decreased by 12% in May, according to Immunefi
Disclaimer:
This content is AI-generated using IFTTT AI Content Creator. While we strive for accuracy, it’s a tool for rapid updates. We’re committed to filtering information, not reproducing or endorsing misinformation. – Jomotoday for more information visit privacy policy
Leave a Comment