Harvard Buys cryptocurrency – Token Sale in a Transparent and Regulated EnvironmentApril 11, 2019
It is a big deal on the news that Harvard brought the cryptocurrency. The Harvard University Endowment has invested in Blockstack’s crypto-token sale.
The filing made to the U.S. Securities Exchange Commission (SEC) was listed with the designees of the affiliates of the Harvard Management Company, which included Charlie Saravia, Zavain Dar, and Rodolfo Gonzalez as having been a part of the purchase of stack tokens worth 95,833,333.
Morgan Creek Digital’s Anthony Pompliano tweeted: “BREAKING: Harvard’s endowment invested $5M – $10M directly into Blockstack’s token sale. This means that one of the leading university endowments is comfortable holding tokens directly. THE VIRUS IS SPREADING.”
The fact that one of the leading University is comfortable holding cryptocurrency tokens is going to be a viral factor that will encourage beginner investors to invest in crypto. At the least, it is likely to encourage them to try small denomination tokens like the TCAT tokens. The attitude is beginning to build up.
This is the first time where a major university has made a direct investment in a particular crypto token. The inspiration for this trend began in 2018 when institutions began to invest in the Bitcoin and in other areas of the cryptocurrency market.
Dan Morehead, the CEO of Pantera Capital, stated that the cryptocurrency industry is now empowered with the infrastructure to handle money from institutions.
He said, “People have been talking about years on the impending institutional wave of money coming into the markets, and I think we now actually have the required conditions for that to happen. Institutional investors really want to have a custodian that is well-known and regulated, and we really haven’t had a global name that it would take to get institutional investors in.”
While cryptocurrency tokens have been considered to be risky, the investment from Harvard is likely to trigger a new line of thought among investors. This might mark the beginning of a token sale in a transparent environment that is strictly regulated.
Muneed Ali, CEO of Blockstack published, “Upon approval, the offering is expected to be the first SEC-qualified token offering of its kind. The net proceeds of the offering will be used to accelerate the development of the Blockstack decentralized computing network and app ecosystem.”
Of note, pension funds have already been invested crypto funds like Morgan Creek Digital per Tom Jessop. More than 450 institutions have revealed that they have invested in cryptocurrency and several others are looking to invest more in the future.