US-based Harvard University is venturing into the cryptocurrency market. The update comes after reports that the Ivy League school is backing Blockstack Inc, a crypto-company that is envisaging a $50-million digital token offering.
According to a Bloomberg report, Charlie Saravia, a managing director at Harvard Management Co, has joined the advisory committee of Blockstack that is formed for the sale of the tokens.
Reports further suggest that Harvard Management and two other investors have already purchased around 95.8 million of Blockstack’s tokens valued at about $11.5 million.
Moneycontrol could not independently verify the claims made in the report.
The funding will be used for the development of Blockstack’s decentralised computing network which uses the digital currency.
The company's digital assets, called Stacks tokens, functions as an accounting mechanism to keep track of the economic stake that the holders of various private keys on the Stacks blockchain have in the network.
Following the investment, Harvard joins a small group of institutional investors that have ventured into crypto assets.
Another Ivy League university, Yale, invested in a crypto fund that raised $400 million last year.
Both Blockstack and Harvard Management declined to comment, the report stated.