Harvard endowment invests in Blockstack cryptocurrency tokens

The Harvard University endowment fund made an unprecedented investment in the cryptocurrency tokens of blockchain startup Blockstack, enabling the company to raise $48 million in its private token sale.

11th to the Securities and Exchange Commission, Blockstack LLC, a US-based blockchain software provider, has named a representative of Harvard Management as a member of the token advisory board.

The circular details Blockstack's issuance of 723 million Stack tokens for $48 million in consideration within the last year.

The three representatives are limited partners of a QP fund which has purchased approximately 95.8 million Stack tokens.

Per statistics from the National Center for Education, at the end of the 2015 fiscal year endowment funds for universities and colleges in the United States reached $547 billion with the top five university endowments controlling $118 billion.

BREAKING: Harvard's endowment invested $5M - $10M directly into Blockstack's token sale.

Last year, Harvard's college endowment fund hit $39.2 billion, making it the biggest college endowment fund in the world.

Yale has also been known to make investments in cryptocurrency funds.

That said, there is compelling evidence that endowments like Harvard's are making investments into cryptocurrency.

Investments from endowments could signal to other financial institutions that there are meaningful investment opportunities in blockchain and cryptocurrency.