Harvard University has invested in virtual shares, better known as tokens, of the cryptocurrency company Blockstack Inc. The company, which has made an initial offer valued at 50 million dollars, has already sold 95.8 million tokens to Harvard and two other investors worth 11.5 million dollars, which would represent 23% of the offer of tokens.
“The decision of Harvard is taken as a fundamental step towards greater institutional and social acceptance of cryptocurrencies.”
With this decision, Harvard becomes part of a very small group of institutional investors. In fact, in the past, only another university in the Ivy League, Yale, had ventured into the field of cryptocurrencies. In addition, the rest of US institutions are still very reluctant to bet on this market. As an exception, two companies from the state of Virginia that offer retirement plans opted to invest in the sector earlier this year.
The skepticism of many institutions against the cryptocurrency sector is due to the lack of regulation presented by the blockchain mechanism. In this sense, institutions fear being associated with allegations of money laundering and market manipulations that have previously been attributed to cryptocurrencies and digital markets. However, the defenders of the sector have tried to promote institutional investment to improve prices and, in many cases, improve the impression of cryptocurrencies.
Given such skepticism, the decision of Harvard, one of the most renowned universities in the world, is taken as a fundamental step towards greater institutional and social acceptance of cryptocurrencies, which are increasingly closer to a massive adoption by the common citizen.
In addition to this, Blockstack, the company in which Harvard invests, has requested the United States government to offer its tokens under the A + regulations. Which, if granted, would allow Blockstack to be the first cryptocurrency company to offer its tokens to the general public and not just to accredited investors.