UATX and Unchained Launch $5M Bitcoin Endowment Fund
Unchained and UATX Launch $5M Bitcoin Endowment Fund; Joseph Kelly Kickstarts with 2 BTC Donation.
Key Takeaways:
- Unchained and the University of Austin (UATX) collaborate to create a Bitcoin endowment fund.
- The initiative plans to raise $5 million, investing in Bitcoin for at least five years.
- Unchained boss Joseph Kelly jumpstarted the fund with a 2 BTC donation valued at around $138,000.
What is Unchained and the University of Austin?
Unchained is a Bitcoin financial services firm based in Austin, Texas. The company provides various services related to Bitcoin, including investment management, storage, and financial advisory services.
University of Austin (UATX) is one of the largest universities in the United States and ranks among the top 80 universities in the world. The institution is notable for its academic excellence in engineering, business, law, and the sciences.
On May 31, Unchained announced its partnership with the University of Austin to create a Bitcoin endowment fund. This initiative seeks to raise $5 million, which will be invested in Bitcoin for at least five years.
A Bitcoin endowment fund is an investment fund that focuses exclusively on investing in Bitcoin rather than traditional assets. Endowment funds are created to generate returns to support an organization's long-term goals.
The Bitcoin Endowment Fund May Impact Stakeholders
Unchained's collaboration with UATX could set a precedence for other academic institutions to explore alternative and potentially more resilient financial models.
Unchained CEO Joseph Kelly kicked off the process with a personal donation of 2 BTC, equivalent to approximately $138,000 at market rates.
Kelly’s involvement indicates his belief in Bitcoin's transformative potential to drive change. To ensure the fund's security, Unchained will provide a collaborative custody vault to store the Bitcoin holdings and protect them from cyber threats.
Beyond financial contributions, the partnership aims to foster community engagement through various initiatives. These include joint marketing campaigns, events, guest lectures, and debates. The goal is to educate the public about Bitcoin's benefits and its potential to improve finance and education.
By hosting these events, UATX and Unchained hope to spark broader interest and understanding of Bitcoin within local communities in Texas.
Crypto enthusiasts believe Unchained and UATX's collaboration marks a significant step in integrating cryptocurrencies into traditional financial and educational systems.
UATX has broken ground with its Bitcoin endowment fund, but it's not the only American university exploring cryptocurrencies.
In fact, Stanford University has already taken the leap. The institution's student-run Blyth Fund has invested 7% of its portfolio in Bitcoin, as revealed by the leader of the Standford Blockchain Club in March.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
