Unchained and UATX Partner to Launch First Long-Term Bitcoin Endowment Fund

In Texas, the crypto company Unchained and the University of Austin (UATX) have formed a partnership for a fundraising of a whopping $5 million in Bitcoin.

Texas-based crypto company Unchained and University of Austin (UATX) are partnering up to launch the first-ever long-term endowment fund in BTC.

UATX will commit to preserving the BTC fund for at least 5 years, while Unchained will securely store and manage the $5 million endowment fund in bitcoin.

"We are excited to partner with @unchainedcom and can't wait to see what the future holds! ?" - UATX

In a groundbreaking partnership, Unchained and the University of Austin @uaustinorg are launching the first-ever long-term endowment fund in #bitcoin.

Together, we're building something that will last for generations to come.

Learn more: https://t.co/4nkzSUDos7

This initiative will see UATX commit to preserving the BTC fund for at least 5 years.

On the other hand, the $5 million to be raised for the endowment fund will be securely stored and managed by Unchained.

The company is a major provider of financial services for bitcoin, specializing in multisig Bitcoin vaults.

Founded in 2016, Unchained currently manages over $6 billion in bitcoin, helping thousands of individuals and businesses hold their own bitcoin keys through its collaborative custody model.

The mission of this collaboration is to successfully raise the significant amount of $5 million in BTC.

On this subject, Joseph Kelly, CEO and co-founder of Unchained, has already intervened, personally donating 2 BTC to kick off this campaign. Here is how Kelly commented on his intervention on X:

"Very proud to help drive this initiative with @uaustinorg. The world needs more great founders and we are excited to bring together our communities to build something new!" - Kelly

In a move that is sure to inspire other academic institutions, UATX will integrate bitcoin into its endowment, setting a precedent for exploring alternative and potentially more resilient financial models.

Known for its commitment to freedom of speech and integration with the market, this partnership seems like a natural fit for UATX's long-term vision.

The partnership between Unchained and UATX in Texas will also unite the University with the broader Bitcoin community, collaborating on planned initiatives such as joint marketing campaigns, events, conferences with guests, and debates.

Already in September 2023, Texas became famous for being the American State leader in Bitcoin mining, with 28% of the entire hashrate owned by the USA.

In itself, currently, the USA is the leading country in the world of mining after China decided to ban the activity in the country in 2021. Specifically, the USA is attributed with 38% of the global hashrate.

It must be said, however, that at the beginning of 2024, the Bitcoin hashrate metric suffered a sharp downward contraction, precisely due to the reduction of mining activities in Texas because of the unusual cold the country was experiencing.

Not by chance, at that moment, precisely the ERCOT, the Electric Reliability Council of Texas, had asked the big miners like FoundryUSA, Luxor Mining Pool, and Marathon Digital to decrease the amount of electricity used. At that moment, the hashrate of Texas for Bitcoin mining therefore dropped by 25%.