Yale University has been reported to be among the sponsors of a USD 400 million cryptocurrency fund project, according to reported by Bloomberg on Friday.
The project dubbed “Paradigm” is reportedly set up by Coinbase co-founder, Fred Ehrsam, Matt Huang, former Sequoia Capital partner, and Charles Noyes, a former employee of crypto fund Pantera Capital.
The Wall Street Journal had reported in June that Huang left Sequoia to establish the Paradigm together with Ehrsam,
According to Noyes in June, the motive behind the establishment of Paradigm was to invest in early-phase cryptocurrency, blockchain and exchange projects.
Yale University’s Interest In The Crypto Space
The Ivy League school led by David Swensen is among the few academic institutions that have invested in the crypto space, and has made an investment of an undisclosed amount in the project,
Swensen’s endorsement of crypto assets is significant because he is regarded as a pioneer of Institutional investment.
So far, he has helped Yale University achieve a USD 30 billion endowment fund, which saw Yale ranked second in U.S higher education.
At the time of this post, the new haven Connecticut University is yet to affirm or deny the details of the report when contacted for comment.
Bloomberg reported in October that Yale reported a 12.3 percent investment gain on the strength of its alternative investments. Also, about 60 percent of its assets for the 2019 fiscal year are budgeted for alternative investments which include venture capital (VC), hedge funds and leveraged buyouts.
This is not the first time that Yale is in the news for crypto-related matters. In early August, financial experts from Yale University, headed by Aleh Tsyvinski was reported to have suggested a system of factors to predict price trends in significant cryptocurrencies,
In the research, the financial experts provided a “risk-return tradeoff” of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), according to its historical performance data.
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