The University of Michigan’s financial endowment expects to follow-up their investment in Andreessen Horowitz’s cryptocurrency fund, Cointelegraph reports. Last year, the University devoted $3 million to the cause.
A meeting outline shared by the University’s Board of regents notes that cryptocurrencies “[have] become an important area of innovation and entrepreneurship that warrants focused attention.” The document does not reveal the value of the University’s further contribution.
The a16zcrypto fund, which belongs to venture capital firm Andreessen Horowitz, uses the contributions to support cryptocurrency tech companies at various stages of growth and prides itself on being an “all weather” fund. “If there is another “crypto winter,” we’ll keep investing aggressively,” states the a16zcrypto website.
The University of Michigan’s endowment is currently valued at $12 billion.