The partnership between Unchained and UATX comes at a time when academic institutions are increasingly showing interest in the crypto sector.
Unchained, a prominent US-based financial services and Bitcoin (BTC) custody company, has announced a partnership with the University of Austin (UATX) to create a groundbreaking endowment fund held in BTC. The fund will involve raising $5 million, which will be invested solely in BTC for a minimum of five Years.
In a Friday announcement, the company said that the partnership aims to integrate Bitcoin into higher education and explore other innovative financial strategies.
Personal Commitment
Joseph Kelly, CEO and co-founder of Unchained, has made a personal donation of 2 BTC, valued at approximately $138,000 at current prices to kick off the initiative. According to the announcement, this contribution underscores Kelly’s strong belief in the transformative potential of Bitcoin and the mission of the University of Austin.
In a statement on X, Kelly expressed his pride in driving this initiative, highlighting the need for visionary founders to come together to unite the Bitcoin and academic communities.
He emphasized that the world needs more great founders and that the partnership with UATX aims to create something innovative and impactful.
Unchained and the university have planned a series of high-profile events and activities to raise the remaining funds needed to reach the $5 million goal.
These planned fundraising events aim to engage the broader community and garner widespread support for the endowment fund.
Setting a New Standard in Academia
The partnership will see Unchained donate its collaborative custody vault to store the funds and ensure it is safe from malicious actors. The company said 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.
Additionally, the alliance 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.
Growing Academic Interest in Crypto
Meanwhile, 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 BTC.
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 BTC. 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 BTC 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.
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