Harvard becomes first major university to directly invest in a crypto token

11 Apr, 2019
by Richard Allen
Update
Harvard becomes first major university to directly invest in a crypto token

Chepicap recently reported that blockchain firm Blockstack is looking to raise $50 million through a regulated token sale. Now, Morgan Creek’s Anthony ‘Pomp’ Pompliano tweeted Harvard University's endowments has invested in Blockstack’s token sale.

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,” the filing reads.

While it isn’t clarified just how much of the 98.53 million Blockstack Stack tokens Harvard Management Company’s affiliates invested in, it’s regarded as the first case in which a major university endowment directly invested in a crypto token.

As CCN reports, Blockstack likely appealed to Harvard because of its decision to become the first token ever to be registered with the US SEC and initiate a token sale in a completely regulated and transparent environment.

“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,” said Blockstack CEO, Muneeb Ali.

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