Some more prestigious universities have reportedly invested in cryptocurrency projects, following Yale’s announcement last week.
The Information reports that Harvard University, Stanford University, Dartmouth College, Massachusetts Institute of Technology (MIT), and the University of North Carolina have all put their support behind at least one crypto fund.
The move could be seen as a vote of confidence in the crypto world, and a potential boost for legitimacy moving forwards.
Michael Sonnenshein, managing director at Digital Currency Group subsidiary Grayscale, said: “We’ve had a couple of smaller investment allocations come through, in that they have been starting to dip their toe into the asset class in a way that forces them to have a little skin in the game.”
The source quoted by The Information claims that the universities’ endowments range from around $5 billion to Harvard’s $29.2 billion.
Last week it was revealed that Yale University would be investing in funds run by Paradigm and Andreessen Horowitz, both of which are dedicated to crypto.
The academic institution has reportedly invested 60 per cent of its endowment – which is now its primary source of revenue – into ‘alternative’ investments. The expectation is that it will spend a further $1.4 billion in 2019.
As more high-profile organisations begin to enter the blockchain and crypto worlds, many feel that it’s only a matter of time before crypto becomes truly mainstream.