While it might not be a great time for some Bitcoin investors, it’s at least a great time for The University of Pennsylvania. On Thursday, May 20, Penn announced that it has received a massive $5 million in the form of an anonymous Bitcoin (BTC) gift.
The institution also stated that this is the largest cryptocurrency gift/donation that Penn has ever received. Regulated Bitcoin services provider NYDIG will be processing these transactions. Penn also announced that the proceeds shall go to the educational and research efforts in FinTech, at the Stevens Centre for Innovation in Finance, at Wharton School. Penn President Amy Gutmann said:
“As the nature of philanthropy continues to evolve, Penn stands at the forefront of innovative ways to make a difference in the world. I am deeply grateful for this creative and groundbreaking gift to support the important work of the Stevens Center. 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.”
Working In Collaboration With Wharton
In 1991, Penn and Wharton together established The Stevens Centre for Innovation in Finance. It holds the prestige of being the top most institute for educational and research purposes in the field of FinTech. Students here work in collaboration with top faculty members and institutional players for exploring the digital currency ecosystem. Wharton Dean Erika James said:
“With finance at the heart, history, and future of the Wharton School, we are honored to receive this incredible gift. This investment marks 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. The blend of innovative philanthropy with the outcomes this promises for students makes this a truly exciting moment for the Wharton community.”