Crypto Fund To Get Investments From University Of Michigan
The University of Michigan intends to increase investing in CNK Fund I, which is controlled by Andreessen Horowitz, a venture company. The decision was taken following a meeting of the Board of Regents, and the document was published on the website of the higher institution.
The university has already allocated $3 million for the expansion of CNK Fund I back in June 2018 and has now decided to invest more, although the amount of future investments has not yet been indicated.
The document states that the fund, owned by Andreessen Horowitz, invests in companies developing crypto technologies, which cover all the possibilities of this innovative activity.
As a rationale for the investment decision, it is stated that the crypto sphere has become a significant part of the innovation and business environment and requires close attention.
As the crypto industry goes from a state of uncertainty to a regulated sphere, the necessity of a separate fund may disappear, according to representatives of the university council. It is stressed that the regulatory framework for crypto investment probably will be more complex than with traditional investments.
The University of Michigan has become one of the universities that have supported cryptocurrency funds. In October 2018, the Yale and Harvard universities decided to invest in them.
Earlier, the authorities in Fairfax County of Virginia invested $21 million in the Morgan Creek's blockchain fund.