Yale University Decides to Enter the Cryptocurrency World With $400 Million Funding Project
Yale University is known around the nation for their Ivy League education opportunities and the investments they make. One of their latest financial commitments is to get involved with cryptocurrency. Rather than backing one of the many startups available, they have decided to get involved with a fund called Paradigm. Though this isn’t the firm time that they’ve invested in an unconventional venture, it is the first steps they’ve taken into blockchain technology.
Before being integrated with Yale, Paradigm has already had success on its own. The crypto-focused fund accumulated $400 in funding. Though Yale was a part of the contribution, reports do not show exactly how much of that allotment was due to Yale’s participation. The project was started by the former executives of several major companies – Fred Ehrsam (Coinbase), Matt Huang (Sequoia Capital), and Charles Noyes (Pantera Capital).
The goal of Paradigm is to be part of the investments for nascent cryptocurrency projects, though they also plan to pursue blockchain technology and exchange projects. So far, Paradigm and its representatives have not returned the requests for a comment on this evolving story.
Yale has plenty of resources at their fingertips to get involved with projects that can turn a profit. They have an endowment fund of close to $30 billion, which is managed by David Swensen. This height has only been reached after an estimated 12.3% increase in the last year. The majority of the assets it holds (60%) are presently allocated towards the alternative investments that they plan to make in 2019. Though many colleges and universities have been involved in making research investments and more, Yale is now among the select few to have seen and acted on the potential of cryptocurrency.
At this time, there has been no comment from Yale.