Bitcoin financial service provider Unchained has partnered with the University of Austin (UATX) to launch the first Bitcoin-focused endowment fund. The partnership will raise $5 million to this fund. The fund is expected to hold BTC for at least five years.
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The partnership seeks to integrate Bitcoin into UATX’s overall financial strategy, opening the door for more higher education institutions to join. Unchained announced the partnership news on their blog, and they communicated the details of their engagement and the motivating factor behind it.
UATX Launch Bitcoin Endowment
UATX and Unchained announced the first Bitcoin long-term endowment on May 31st. The endowment will hold Bitcoin for a minimum of five years from the launch and aims to raise $5 million.
In a groundbreaking partnership, Unchained and the University of Austin @uaustinorg are launching the first long-term endowment fund held in #bitcoin. https://t.co/6KZO7YiBBo
— Unchained (@unchainedcom) May 30, 2024
Unchained’s CEO and Co-founder has expressed his commitment to this partnership by donating 2 BTC to the endowment fund. At the time of the announcement, his donations were worth $138,000. Both Unchained and the UATX believe in Bitcoin’s transformative capabilities.
According to Joseph Kelly, the CEO and Co-founder of Unchained, the partnership with UATX demonstrates their commitment to free speech. The Unchained press release reads:
“UATX is known for its commitment to free speech and integration with the marketplace, making this partnership a natural fit for its long-term vision. By incorporating bitcoin into its endowment, UATX is setting a precedent for other academic institutions to explore alternative and potentially more resilient financial models.”
The CEO believes the partnership will kick-start a future where BTC is integrated into higher education. The University of Austin’s direct commitment will be an eye-opener to other higher-education institutions, and its involvement will expand Bitcoin’s dominance and overall acceptance.
Unchained and UATX Build a Strong Relationship
According to Unchained, collaborating to establish the long-term BTC endowment fund is not just a financial investment. It demonstrates the shared values of Unchained and UATX. The two institutions will work together to build a strong relationship between the Bitcoin community and the university.
We are thrilled to partner with @unchainedcom and can’t wait to see what the future holds! 🙏 https://t.co/4nkzSUDos7
— University of Austin (@uaustinorg) May 31, 2024
Unchained will also offer custody vault services to store the endowment. Using its custody service, Unchained will provide a secure and sufficient storage facility to hold the university’s BTC holdings in the endowment fund.
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The University of Austin and Unchained will collaborate to share Unchained’s technical solutions with the university’s innovative wing. The two institutions will explore multiple initiatives through joint work, including guest lectures, debates, and collaborative marketing campaigns for growth and adoption.
Unchained Discusses Mission Alignment
Unchained said the partnership will focus on sound money principles. Bitcoin’s core values are at the center of this initiative. Unchained believes the partnership can empower students with the right skill set to influence the future of finance.
The UATX is committed to truth, which contradicts the values of traditional finance (TradFi). The difference in values has sparked the need to campaign for BTC adoption. As a result, the partnership is exploring fundraising and community engagement sessions to raise awareness.
Cryptopolitan reporting by Collins J. Okoth
