Texas University Creates $5M Bitcoin Fund for Endowment
The University of Austin (UATX), a new private institution based in Texas, USA, is seeking to revolutionize the education sector by accepting cryptocurrency as a form of payment. The university has partnered with Unchained, a cryptocurrency platform, to introduce a $5 million Bitcoin fund for its endowment.
Texas University Creates $5M Bitcoin Fund
The Bitcoin fund will be established by the University of Austin, which is expected to enroll its first cohort of students this fall, and Unchained, a cryptocurrency firm. This partnership will assist the university in realizing its objectives of fostering free speech and promoting intellectual risk-taking with Bitcoin.
Concurrently, Thomas Hogan, an incoming associate professor at the university said, “Bitcoin provides an opportunity to strengthen UATX’s mission of preparing the next generation of leaders and entrepreneurs.”
Subsequently, the agreement between UATX and Unchained includes the purchase of $5 million in Bitcoin with a minimum holding period of five years. Bitcoin as an investment option forms part of the university’s strategic financial planning given the growing trends of cryptocurrency adoption across the globe.
Growth and Community Support
Joseph Kelly, CEO and co-founder of Unchained, said,
“I’ve been very passionate about what UATX is building in Austin. By choosing Unchained as a partner, the university is recognizing what bitcoin is: This is why I will continue to defend it as ‘a technology for freedom.’
According to the release, this collaboration reflects the relationship between the university and the crypto community that aims to build a long-term cooperation that would cover not only the financial aspect but also marketing, events, and education.
This decision has been applauded by the supporters of the university as many of them have volunteered to donate their cryptocurrency. UATX has adopted this new approach at a time when the university has raised nearly $200 million in funds owing to its stand on several national issues thus showing that untraditional funding methods can be very effective.
Amid this development, Bitcoin (BTC) has been in a bullish momentum with prices swaying between an intra-day high and low of $70,230.82 and $67,550.76, respectively. At press time, BTC was trading at $69,186, a 2.13% surge from the support level.
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