Unchained and the University of Austin (UATX), located in Texas (United States), have created an endowment fund denominated in Bitcoin.
The initiative seeks to raise $5 million in Bitcoin, the most powerful and capitalized cryptocurrency on the market, to finance the university's endowment, which has committed to maintaining or HODL bitcoins for the next 5 years.
Thomas Hogan, associate professor of the university's center of economics, politics and history, highlighted the importance of this initiative based on Bitcoin, indicating that the cryptocurrency can play a relevant role in the education of the house of studies, offering a unique opportunity for educate and train the next generation of leaders and innovators.
For his part, Joseph Kelly, CEO and co-founder of Unchained, which manages more than $6.000 billion in assets, donated 2 bitcoins, currently worth $136.000, to the University of Austin's Bitcoin endowment fund, to contribute to its goal of integrating the leading cryptocurrency into its long-term funding strategies.
Bitcoin preserves privacy and freedom
The University of Austin is a leading private institution, offering a high-quality education to its thousands of students each year. This university, focused on the liberal arts, implements cutting-edge teaching and learning methodologies to train different professionals with solid knowledge in each of their areas.
In this regard, Unchained's CEO stated that the university has core values that prioritize freedom of expression and construction, and that harmonize with Bitcoin's spirit of freedom and decentralization, which is why he is delighted to contribute to the institution's new endowment fund.
As Kelly highlighted, Bitcoin is a privacy-preserving technology that defends the freedom of users. In addition to this, she noted that her company, Unchained, will contribute to the university to custody the fund's bitcoins safely and reliably.
The University of Austin will reportedly keep bitcoins HODLed for 5 years, relying on Unchained's services to maintain its holdings long-term and drive other initiatives that help the institution connect with the Bitcoin community. These initiatives range from marketing campaigns to talks, conferences and debates.
In addition to the University of Austin, Stanford University also committed to cryptocurrencies this year, investing in Bitcoin through its Charles R. Blyth fund.
Blockchain, a promising technology for the future
The transformative capabilities of Bitcoin and its underlying technology, Blockchain, have been permeating educational institutions over the past few years. In 2018, The University of Texas at Austin published an article dedicated to Blockchain, the underlying technology that brings Bitcoin to life as it is. In this article, he described how blockchain could significantly streamline people's identity management. Among the use cases described by the university for the technology, health information management to optimize hospital medical care stands out.
That same year, the University He participated in the Bloomberg Philanthropies Mayor's Challenge initiative, focused on using blockchain technology to guarantee the identity of people experiencing homelessness. This initiative helped hundreds of homeless people be able to access and manage their health information and identity documents anytime, anywhere.
The institution also recognized that blockchain is an immutable, distributed and reliable technology that can solve the problem of secure data exchange, allowing people to maintain full control over their data and identities in the digital world and share these with other people. trustworthy without risking privacy.
To this day, this university remains confident that Blockchain is a promising technology, with the potential to solve some of the biggest problems facing companies and society, beyond its financial applications.
The Massachusetts Institute of Technology (MIT) has also dedicated several articles to the innovation of Bitcoin and blockchain technology. He even teaches his students several courses related to these technological revolutions.
Main image from The University of Austin
