When a celebrity is engaged in the crypto world, it becomes a sensation, yet when an influential institution, like Ivy League university, has something to do with crypto, people start to think that maybe crypto is not that dangerous. Thus, Harvard University’s investment in a crypto token sale is a big deal.
According to the filing submitted by Blockstack to the SEC, the representatives of the university’s affiliate – Harvard Management Company – Charlie Saravia, Zavain Dar, and Rodolfo Gonzalez took part in the purchase of 95,833,333 Blockstack’s Tokens.
The filing reads:
“The token advisory board consists of seven members. Three of the members, Charlie Saravia, Zavain Dar and Rodolfo Gonzalez are designees of affiliates of the Harvard Management Company, Lux Capital and Foundation Capital, respectively, limited partners of the QP Fund which have purchased an aggregate of 95,833,333 Stacks Tokens; the board also consists of four independent members, Koen Langendoen, Arvind Narayanan, Arianna Simpson and Catherine Tucker.”
It is still unclear how the investments will be used, what we know for sure is that an influential university has invested in a crypto token for the first time in history.
Tokens are considered to be riskier than the cryptocurrencies, like Bitcoin or Ethereum due to obvious reasons, therefore, the fact that such a major university bought them is quite surprisable.
Apparently, Blockstack appealed to Harvard as the former strives to become the first token registered by the SEC, it also initiated the transparent and strictly regulated token sale. Some funds like Morgan Creek Digital have also invested in this project.
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 🔥
— Pomp 🌪 (@APompliano) April 11, 2019
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