The University of Pennsylvania received a $5 million donation in bitcoin to support financial innovation at its Wharton business school.
Per an announcement from the University of Pennsylvania, the school has received “a new anonymous gift of $5 million in the form of Bitcoin — the largest cryptocurrency gift the University has ever received.” The donation will go to support innovation in finance for the university’s Wharton business school.
“Facilitated by NYDIG … the landmark commitment will support the growth of programs within the Stevens CEnter for Innovation in Finance at the Wharton School,” according to the announcement. “By engaging students with Wharton faculty and financial institution leaders, they become immersed in learning about the digital currency ecosystem.”
The Stevens Center for Innovation in Finance was established in 1991 as “a top entity for education and research in the field of fintech,” the university said.
The university’s president, Amy Gutmann, expressed delight at the school being the recipient of such a gesture. Gutmann noted that the nature of philanthropic giving is changing and that the university will continue to seek ways to make a difference in the world.
“As the nature of philanthropy continues to evolve, Penn stands at the forefront of innovative ways to make a difference in the world,” she said, per the announcement. “At the [Stevens] Center, the intersection of finance and technology is being reinvented through research, exploratory projects, and engagement with industry leaders.”