The financial endowment fund of the University of Michigan, one of the oldest and most established academic institutions in the U.S., is the latest institutional investor revealed to have entered the cryptocurrency ecosystem. Its endowment is backing a crypto venture capital fund managed by Andreessen Horowitz.
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University of Michigan Endowment Backs Crypto VC
The University of Michigan’s financial endowment fund is a collection of thousands of individual endowments managed like a large mutual fund whose value reached $11.9 billion as of October 2018. Its proceeds pay for scholarships, professorships, and other university programs.
According to an item for information document from the Feb. 21 Board of Regents meeting, the…