Rochester Institute of Technology (RIT) has invested an undisclosed amount (anticipated in millions) in a blockchain-based project “Cosimo X” by investment firm Cosimo Ventures.
With this initiative, it has claimed to become the first private US University to invest directly in a tokenized venture fund. RIT has thus followed the footsteps of top universities such as Harvard, MIT, Yale, Stanford, which have done indirect investments into digital assets and blockchain-based projects in blockchain-focused companies such as Andreessen, Paradigm, and Horowitz.
COSIMO X focuses on investing in businesses dealing with blockchain technology and digital assets. In a press release, the firm has confirmed that this is the first-ever investment of the US University in a tokenized fund. It further has anticipated that the move will boost other higher academic institutions to enter into crypto and blockchain-based projects.
Rochester Institute of Technology (RIT)
RIT is one of the largest private universities in the US which was founded in 1829.
Currently, it accommodates around 19,000 students and conducts 200 various professional courses. It also runs campus partnership programs with universities in China, Dubai, Croatia, and Kosovo.
Statements from RIT and Cosimo Ventures
James Watters, Senior Vice President for Finance and Administration at RIT expressed that the Cosimo team generates unparalleled investment opportunities and the fund offers the most appealing economic configurations in today’s market.
Statement from the COSIMO fund states, “The COSIMO tokens potentially offer holders greater liquidity than traditional venture capital fund partnership interests and solve a number of the challenges that concern venture capitalists.”
The statement further expressed that the tokens may be tradable and allow control over capital deployment without being subject to capital calls and unexpected commitments. But it might not be ever be listed on any exchange or trading platform for trading.
Scenario across other top global Universities
Apart from introducing courses in Blockchain technology, a trend of direct investment into crypto and blockchain projects is growing among the top global universities.
Apart from Harvard, Cornell, MIT, Aizu University has collaborated with Soramitsu, a Japanese technology firm providing blockchain-based solutions for digital fiat issuance in Cambodia. They are in the process to introduce a token in the University campus area.
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