Unchained and the University of Austin launch a pioneering bitcoin-denominated endowment fund.
Unchained has teamed up with the University of Austin (UATX) to create the first long-term endowment fund denominated in bitcoin. This pioneering initiative aims to raise $5 million, with plans to keep the investment in bitcoin for a minimum of five years.
In a groundbreaking partnership, Unchained and the University of Austin @uaustinorg are launching the first long-term endowment fund held in #bitcoin. https://t.co/6KZO7YiBBo
— Unchained (@unchainedcom) May 30, 2024
Joseph Kelly, CEO and co-founder of Unchained, has personally contributed to the fund with a donation of 2 bitcoin, valued at approximately $138,000. Kelly expressed his belief in bitcoin's transformative power and the University of Austin's vision, stating, "This initiative marks a significant step in integrating bitcoin into higher education, reflecting a mutual commitment to forward-thinking financial strategies."
The University of Austin is known for its focus on free speech and its integration with the marketplace, making it an especially suitable partner for this type of financial innovation. By incorporating bitcoin into its endowment, UATX hopes to set an example for other institutions to consider alternative, potentially more resilient financial models.
The partnership is expected to forge stronger connections between the university and the bitcoin community through various initiatives, including joint marketing efforts, events, guest lectures, and debates.
To ensure the security of the fund, Unchained will provide a collaborative custody vault. The robust custody solution is designed to protect the bitcoin holdings, offering a reliable investment for UATX.
A range of high-profile events and activities are planned to engage the community and raise awareness of the endowment. Events in the Bitcoin Commons in downtown Austin and other locations across the country will facilitate open discussions and interest among potential donors. UATX speakers and scholars associated with Unchained will feature in these events to inspire and inform the public about the potential impact of the Bitcoin Education Fund.
Moreover, the partnership will extend to the Bitcoin Conference in Nashville, where UATX faculty will have the opportunity to present their research to key industry audiences.
