Bitcoin Firm Unchained and University of Austin Establish Bitcoin Endowment Fund
Unchained, a Bitcoin financial services firm based in Austin, Texas, has joined forces with the University of Austin (UATX) to launch a groundbreaking long-term endowment fund.
The initiative aims to raise $5 million, which will be invested in Bitcoin for a minimum period of five years, according to an announcement from Unchained.
As the first-ever long-term endowment fund held in Bitcoin, the collaboration between Unchained and UATX seeks to integrate the cryptocurrency 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,” per the announcement.
To kickstart the fund, Joseph Kelly, CEO of Unchained, made a personal donation of 2 BTC, equivalent to approximately $137,000 at current prices.
“The world needs more great founders, and we are excited to bring together our communities to build something new,” said Kelly in a post on X on May 31.
Very proud to help drive this initiative with @uaustinorg. The world needs more great founders and we are excited to bring together our communities to build something new! https://t.co/KTHKUa7r91
— Joseph Kelly (@josephkelly) May 31, 2024
Unchained will also provide a secure collaborative custody vault to store the endowment fund, ensuring the safety and integrity of the Bitcoin holdings.
Beyond financial contributions, the partnership aims to foster community engagement through various means.
Joint marketing campaigns, events, guest lectures, and debates will be organized to educate the public about the benefits of Bitcoin and its potential to revolutionize finance and education.
The initiative aligns with
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