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Report: Yale provides capital to $400M cryptocurrency fund


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Report: Yale provides capital to $400M cryptocurrency fund

Yale University Investments invested in a $400 million-cryptocurrency Paradigm fund, Bloomberg News reported citing undisclosed sources.

The fund was initiated by Fred Ehrsam, co-founder of Coinbase Inc., Matt Huang, former partner at Sequoia Capital, and Charles Noyes, a former employee at Pantera Capital Management LP, said the report.

The size of the investment provided by the Ivy League school cannot be determined, according to Bloomberg, adding that the university did not respond immediately when asked to comment on the matter. Paradigm also declined to comment.

According to the publication, Noyes said in June that Paradigm is looking for opportunities in early stage cryptocurrency projects, new blockchains and exchanges.

Yale, which has a nearly $30 billion in endowment managed by David Swensen, is reportedly an existing investor in Andreessen Horowitz, which also launched a $300 million cryptocurrency fund, according to CNBC, citing unnamed sources.