Yale University Contributes To Paradigm Crypto Project Worth $400 Million
Yale University, known for its investment activities, decided to enter the digital industry market, Bloomberg reports.
According to an anonymous source, the university, which is a member of the Ivy League, an association of eight US private universities, invested in the Paradigm crypto fund, established by Fred Ehrsam, Coinbase co-founder, Charles Noyes, a former employee at the Pantera Capital hedge fund, and Matt Huang, ex-partner of the Sequoia Capital venture fund.
The Paradigm team explores trends in the crypto market and invests in the evolvement of new DLT. The main goal of the crypto fund is to provide the crypto community with a more transparent understanding of blockchain technologies and their use in digital markets.
Yale University is the second largest university in the world with the largest trust fund, a total capital of which is $27.2 billion according to data as of 2017. The university administration has invested in the Paradigm crypto fund on a par with others, which helped the project to raise $400 million over several months. However, the university representatives are reluctant to disclose the share they have invested in the project.
Since the 1980s, the Yale University Endowment has received 12.6% of total profits per year investing in non-standard startups.
As previously reported, the ranking of universities recognized as the best in the field of learning blockchain technologies and digital currency was published in the United States.