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Ivy League School Receives $5 Million Bitcoin Donation

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Thu, 05/20/2021 - 13:49
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Alex Dovbnya
The University of Pennsylvania has already cashed out its massive Bitcoin gift
Ivy League School Receives $5 Million Bitcoin Donation
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The Wharton School at the University of Pennsylvania has received a $5 million cryptocurrency gift from an anonymous donor, according to its May 20 press release.

It was processed by NYDIG, a cryptocurrency subsidiary of Stone Ridge Asset Management.

Penn President Amy Gutmann says that she is "deeply grateful" for the atypical donation, highlighting the evolving nature of philanthropy in her statement:

As the nature of philanthropy continues to evolve, Penn stands at the forefront of innovative ways to make a difference in the world.

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The University of Pennsylvania—which is one of eight elite Ivy League schools— immediately converted its anonymous gift into cash, MarketWatch reports.

While most universities are trying to figure out how to grapple with a new form of donation, several major educational institutions, such as the Massachusetts Institute of Technology, have also accepted cryptocurrency gifts.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.