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Harvard Buys Blockstack Tokens: First US University to Invest in Crypto

By Katelyn James | April 25, 2019
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Harvard Buys Blockstack Tokens: First US University to Invest in Crypto

An offering statement filed by full-stack decentralized computing network Blockstack with the US Securities and Exchange Commission (SEC) has revealed that it is currently putting up 295 million of its new Stacks Tokens worth $50 million for public sale. Blockstack said on its official blog that the offering is expected to be the first SEC-qualified token offering of its kind.

In addition, Charlie Saravia, Zavain Dar, and Rodolfo Gonzalez – designees of affiliates of the Harvard Management Company, Lux Capital, and Foundation Capital respectively have purchased an aggregate of 95,833,333 Stacks Tokens. The three have also become part of Blockstack’s seven-member token advisory board.

Harvard Management Company is an investment management company owned by Harvard University and is also responsible for managing the institution’s endowment – the largest academic endowment in the world. The Stacks Token purchase reportedly makes Harvard the first major university to invest in cryptocurrency. Blockstack’s decision to seek SEC approval was purportedly what drew Harvard’s attention in the first place.  

Harvard has also been exploring developments in blockchain technology. In January, The Crypto Sight reported that Harvard’s Public Health Graduate School and Levi Strauss & Co, the maker of Levi’s denim jeans, had announced a collaboration to develop a self-reporting infrastructure on the blockchain. Its aim is to make the evaluation of workers conditions in factories more transparent, beginning with three of Levi’s factories in Mexico.

Blockstack’s decentralized computing network was created by computer scientists from Princeton University. It enables engineers to build secure, privacy-focused applications where users are in control of their data instead of storing it with large tech companies. More than 80 such applications already exist on Blockstack.

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