Unchained, a leading US-based financial services and Bitcoin custody company, has partnered with the University of Austin (UATX) to establish an innovative endowment fund in Bitcoin (BTC). The initiative aims to raise $5 million to be invested solely in BTC for at least five years.

In their announcement on Friday, Unchained highlighted the partnership's goal of integrating Bitcoin into higher education and exploring new financial strategies.

Personal Commitment

Joseph Kelly, CEO and co-founder of Unchained, kickstarted the initiative with a personal donation of 2 BTC, worth approximately $138,000. This contribution reflects Kelly’s strong belief in Bitcoin’s transformative potential and UATX’s mission. Kelly expressed his pride in this effort, emphasizing the importance of visionary founders in bridging the Bitcoin and academic communities.

Kelly noted the need for more innovative founders and stated that the partnership with UATX aims to create something impactful. Unchained and UATX have scheduled several high-profile events to raise the remaining funds to meet the $5 million goal, aiming to engage the broader community and secure widespread support.

Setting a New Standard in Academia

Unchained will contribute its collaborative custody vault to store the funds securely, using a robust custody model to protect the assets. UATX, known for its commitment to free speech and market integration, views this collaboration as setting a new standard for academic institutions by integrating Bitcoin into its endowment. This move could inspire other universities to explore alternative financial models.

The partnership is expected to strengthen ties between UATX and the Bitcoin community through joint marketing campaigns, events, guest lectures, and debates, promoting a deeper understanding of Bitcoin in academia.

Growing Academic Interest in Crypto

This collaboration comes amid growing interest in the crypto sector by academic institutions. Notably, in 2018, universities like Harvard, Yale, and MIT announced investments in BTC. Following their lead, other schools have also ventured into the crypto space. In April, Stanford University increased its BTC portfolio exposure to 7% through BlackRock’s spot Bitcoin ETF. In February, Cornell University launched a full Bitcoin degree program, further demonstrating the academic sector’s increasing engagement with cryptocurrency.