Some universities also point out increasing importance to blockchains, cryptocurrencies, and the technology behind them. One of the most popular educational establishment Harvard University, joined such list.
According to Anthony Pompiano, founder of the Morgan Creek Digital Foundation, the Harvard Management Foundation will be involved in the sale of Blockstack tokens.
"BREAKING: Harvard’s endowment invested $5M - $10M directly into Blockstack’s token sale. This means that one of the leading university endowments is comfortable holding tokens directly. THE VIRUS IS SPREADING," he said in the statement.
The New York-based blockchain toolmaker lately applied with the Securities and Exchange Commission (SEC) to raise $50 million. The application submitted to the US securities regulator detailed the name of Blockstack’s advisory members. Unfortunately, the United States strictly regulates investment, capital raising, cryptocurrency and ICO.
In connection with the foregoing, the Blockstack has decided on an alternative IPO. This is the A+ (REG A +) rule, an exception introduced by the Jobs Act in 2012. Reg A + operates on an exceptional basis and allows small businesses to access capital. The block-stack confirmed on April 11 the introduction of the proposal of Rule A + in accordance with the SEC declaration.
In total, the public offering of securities is 295 million Blockstack Stacks (STX) tokens at $0.30 each.
Despite the news and according to the document Mr. Savaria, one of the recently appointed managing directors for the Harvard Management Company, alongside other six advisory members purchased an aggregate of 95,833,333 BlockStack digitized equities, called Stack Tokens (STX). At the time of selling, the STX rate was $0.0132, meaning that Blockstack attracted as much as $12.65 million from its advisory board via the coin sale.