According to the co-founder and partner of Morgan Creek Digital, Anthony Pompliano, as well as the token sale filing that was submitted by Blockstack to the U.S. Securities and Exchange Commission, Harvard University’s endowment recently invested in Blockstack’s crypto token sale.
According to the co-founder and partner of Morgan Creek Digital, Anthony Pompliano, as well as the token sale filing that was submitted by Blockstack to the U.S. Securities and Exchange Commission, Harvard University’s endowment recently invested in Blockstack’s crypto token sale.
This marks a major turning point in the crypto economy, especially with Harvard being the first major institution to start investing.
More specifically, it is said that designees of affiliates of the Harvard Management Company such as Zavain Dar and Rodolfo Gonzalez purchased 95,833,333 Stacks tokens from the Blockstack sale. While it is unclear how much was exactly invested at this time, Pompliano’s recent tweet estimates that approximately five to ten million dollars of worth of cryptocurrency were purchased overall by the university.
This marks a major turning point in the crypto economy, especially with Harvard being the first major institution to start investing. Prior to 2018, it was difficult for institutions to get involved in the market as there were no vehicles that would allow them to do so. However, many expect 2019 to be the year that this changes. In fact, the CEO of Pantera Capital, Dan Morehead, says that the crypto industry does now have the infrastructure to handle institutional money:
“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.”
Despite the growing institutional interest and investments, many think Harvard’s deal with blockchain is interesting due to the fact that tokens are generally considered more of a volatile investment than offerings such as Bitcoin. It is most likely that Harvard chose Blockstack due to the fact that it will soon become the first token to be registered with the SEC and one that will have a more transparent and regulated system.
Only time will tell how well the token will perform.
