5 months ago

One more sign of big-name approval of crypto backed up by money, according to an anonymous source cited by Bloomberg. Although not yet officially confirmed, the member of the Ivy League is said to have invested in a new major crypto fund, Paradigm, established by Fred Ehrsam (Coinbase co-founder), Matt Huang (former partner at Sequoia Capital) and Charles Noyes (previously at Pantera Capital).

The report suggests that Yale, which boasts second-largest (after Harward) endowment among universities ($25+ billion as of 2016), was among investors that helped the Paradigm raise $400 million in the last several months.

As reported by The Wall Street Journal, Huang left Sequoia to join Ersham in setting up the new fund in June. Sequoia also invested in Paradigm according to that article.

Paradigm aims to invest in early-stage cryptocurrency, blockchain and exchange projects, Noyes told Bloomberg in June.

Today’s report said that the scale of Yale’s investment in the fund was unknown and that the university had not responded when contacted for comment.

The Yale endowment has grown to its huge current valuation from an initial fund of £562 donated by founder Elihu Yale in 1718. Harvard University has the most valuable endowment in the world currently, Wikipedia indicates.

With a reputation for seeking out for seeking out more unconventional investments, Yale’s endowment has generated yearly returns of around 12.6 percent since the mid-’80s, the online knowledge source says.

More to that, CNBC is also reporting that Yale’s chief investment officer, David Swensen, has also invested for the university in Andreessen Horowitz’s $300 million crypto fund, which closed in June. The news source also cites anonymous sources.