The University of Michigan invests in cryptocurrencies

In 2018, several American universities including the prestigious Yale, Harvard and MIT have invested in cryptocurrencies. In February 2019, the University of Michigan also decided to invest in a cryptocurrency fund.

On February 21, the university's board approved a $ 3 million investment in the cryptonetwork technology fund (CNK fund), a fund for cryptocurrency owned by the venture capital firm of Andreessen Horowitz.

The university has also announced the possibility to invest more, now that a partnership has been established (but without giving any specific amounts).

In its press release, the University of Michigan explains that cryptocurrencies have become an important area of innovation and entrepreneurship, which deserves special attention.

US universities are known to be major investors and the University of Michigan is no exception to the rule with an estimated financial strength of $ 12 billion. This is yet another proof that the spectrum of institutional investors interested in the crypto sector is expanding more and more.

Source : Press release