Harvard Invests In Crypto Firm BlockStack Inc.’s Token Sales

By Prashant Jha

Harvard University has finally made the decision to make a definitive foray into the crypto space by having its endowment provide backing to a crypto company planning to launch a token sale soon. The company that has been fortunate enough to receive such a backing from this top Ivy League school is called Blockstack Inc. This firm is currently planning to host a digital token offering worth 50 million dollars soon. It has already applied to the US Securities and Exchange Commission for permission to open token sales under the regulation A framework.

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In a regulatory filing being held on Thursday, Blockstack stated that its advisory committee would include as a representative one of the managing directors at Harvard Management Co., namely Charlie Saravia. As per the information that the filing gives us, three investors, which includes the Harvard Management, have already bought a large chunk of the company’s tokens. Together, they have purchased tokens numbering to 95.8 million, worth approximately $11.5 million.

It is widely accepted that the coming in of institutional investors is imperative for taking the crypto industry forward and now Harvard has become one of the few to come forward in that regard. It joins some similar institutions that have earlier moved into the space. This includes Yale Industry which made a similar form of investment last year, and the University of Virginia, two pension plans in which invested in a blockchain venture capital fund. All these institutions have effectively investment in the virtual asset space.

Till now, a majority of endowment funds from major institutions have shied away from betting on crypto assets. Their hesitation seems to have sprang from a number of factors, including the lack of regulations in the crypto sphere, questions about money laundering and allegations of market manipulation. On one hand, some feel that cryptocurrencies are not ready for institutional investors to move in but on the other, most avid crypto enthusiasts hope for institutional investors to fish into their deep pockets to revive the continuously depressed prices of crypto.