RIT University to Invest in Tokenized Venture Capital Fund


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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