The University of Pennsylvania announced today that it received $5 million worth of bitcoins in an anonymous donation facilitated by Bitcoin company, New York Digital Investment Group (NYDIG). The philanthropic gift is described as the largest cryptocurrency donation that the educational institution has ever received.
The funds will be channeled into growing the “programs within the Stevens Center for Innovation in Finance at the Wharton School (“Wharton”),” the University wrote in its announcement.
Bitcoin enthusiasts often label the cryptocurrency as a piece of “financial innovation,” which shows just how possible it is to create secure money not run by a central entity. It was perhaps in line with encouraging further exploration of financial technological initiatives that the anonymous donor has made the $5 million in Bitcoin donation to the University.
Penn President Amy Gutmann described the donation as a “creative and groundbreaking gift” that would help support the university’s Stevens Center. She added:
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.
The University of Pennsylvania is America’s first university with roots dating back to 1740. With numerous opportunities abounding in the fintech and cryptocurrency space at this time, the institution of the emerging industry is becoming a rising area of interest among students.
Wharton Dean Erika James hopes that the BTC donation will mark “a new era and mode of giving to the University and lifts up opportunities for students to become tomorrow’s leaders in finance – through exceptional coursework and transformative interactions with policymakers and industry experts.”
Meanwhile, NYDIG, the New York-based Bitcoin firm that facilitated the donation, has been hard at work pushing Bitcoin towards mainstream adoption. As CNIRBC has reported in the past, NYDIG is very well part of a mix of firms helping legacy US banks and financial institutions launch and offer Bitcoin-related products.
Pending regulatory approval, U.S. Bancorp, the fifth-largest bank in the country, is set to administer the NYDIG Bitcoin ETF Fund later this year.
