The University of Pennsylvania has recently received a $5 million bitcoin donation made to its highly famed Wharton School of Business.
According to an official statement from the Ivy League school, the $5 million bitcoin donation is the largest cryptocurrency gift it has ever received.
The donation was made to support the development of programs at Wharton’s Stevens Center for Innovation in Finance, a fintech center within the school that has allegedly been gaining the attention of Penn students.
There, the students learn a lot about the digital currency ecosystem by engaging with top business school faculty leaders, industry resources, and partnerships that help boost opportunities in the fintech industry.
Speaking of the donation, the University’s President, Amy Gutmann said,
“I am deeply grateful for this creative and groundbreaking gift to support the important work of the Stevens Center. At the Center, the intersection of finance and technology is being reinvented through research, exploratory projects, and engagement with industry leaders, to make the greatest global contributions.”
Wharton’s Dean, Erika James added,
“We are honored to receive this incredible gift. This investment marks a new era and mode of giving to the University and lifts up opportunities for students to become tomorrow’s leaders in finance… The blend of innovative philanthropy with the outcomes this promises for students makes this a truly exciting moment for the Wharton community.”
Cryptocurrency donations to the University are processed through the popular crypto custody firm, New York Digital Investment Group (NYDIG), and sold immediately.
The University of Pennsylvania noted that it wanted to avoid creating its digital wallet and chose NYDIG to provide the comprehension infrastructure needed to process these types of donations.
Crypto Donations Are Gaining Traction
Cryptocurrencies are extremely popular for solving the problem of cross-border payments. With traditional payment processors, cross-border payments take several hours or days before they are completed.
However, with bitcoin and other cryptocurrencies, transactions take a lot less time and are done comfortably.
As a result, several international organizations are adopting it as a means of making donations, allowing people from every part of the world to send their support.
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