Copy link
Increase text size
Decrease text size
Link copied

Harvard endowment invests in blockchain startup Blockstack’s tokens

Mon, 15 Apr 2019, 10:07 am UTC

Harvard University’s endowment, a perpetual source of support for the University’s mission of teaching and research, is venturing into the blockchain space.

In a report dated April 11, Bloomberg reported that Harvard’s endowment is backing blockchain startup Blockstack.

Founded in 2013, Blockstack aims to foster an open and decentralized Internet that establishes and protects privacy, security and freedom for all internet users.

“Blockstack is a full-stack decentralized computing network that enables a new generation of applications where developers and users can interact fairly and securely. Blockstack’s core protocols and developer tools enable a fair and open Internet that returns digital rights to developers and consumers,” the company said.

Blockstack recently announced that it has filed an offering statement with the U.S. Securities and Exchange Commission (SEC) to conduct a $50 million token offering using the SEC Regulation A+ framework. If approved, it would be the first SEC-qualified token offering of its kind, it said.

“We’ve been in a confidential submission process with the SEC, making progress as we drive towards an SEC-qualified token offering,” the company said. “We’ve been working with securities lawyers to create a legal framework that can enable blockchain protocols to comply with SEC regulations. Our framework is consistent with the latest SEC guidelines released last week.”

According to the regulatory filing, Charlie Saravia, a managing director at Harvard Management Company (HMC)— a nonprofit, wholly owned subsidiary of Harvard University managing the University’s endowment portfolio – is a representative on an advisory committee formed by Blockstack for the sale of ‘Stacks’ (STX) tokens.

Harvard Management Company, Lux Capital and Foundation Capital have purchased about 95.8 million of the tokens valued at about $11.5 million, the filing reveals.

“The net proceeds of the offering will be used to accelerate the development of the Blockstack decentralized computing network and app ecosystem,” Blockstack said.

Blockstack has previously raised over $50 million from venture investment rounds and under SEC Regulation D from investors like Union Square Ventures, Y Combinator, Lux Capital, and Naval Ravikant.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,275.22 (+0.24%)
  • Ethereum (ETH) $144.65 (-0.37%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $212.01 (+1.81%)
  • Litecoin (LTC) $44.45 (+0.82%)
  • Bitcoin (BTC) $7,275.22 (+0.24%)
Dec 13, 2019 (Friday)
12:50
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:25
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
11:24
Terra launches stablecoin-powered payments service in Mongolia
10:37
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
10:22
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
08:55
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
08:55
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
07:49
Twitter looks to blockchain to decentralize social media
07:03
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
06:22
ING bank developing custody project for digital assets: Report
06:18
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
05:28
Franklin Templeton leads blockchain-based social impact platform’s funding round
04:58
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
04:44
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
04:33
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
04:33
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
03:24
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
03:23
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Dec 12, 2019 (Thursday)
15:04
Binance launches Latin American fiat gateway; adds new fiat payment options
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft