Yale Dives into Cryptocurrency | Chief Investment Officer

Believe it or not, David Swensen is dipping Yale’s toe into cryptocurrency.

The chief investment officer of the $29.4 billion endowment has invested an undisclosed amount in two separate cryptocurrency venture funds, Andreessen Horowitz and Paradigm, reports CNBC. Horowitz’ $300 million crypto fund had closed in June.

The implementation marks a key moment in the history of the volatile asset class, as large institutions have been absent from crypto denominations like bitcoin. Up to now, the support for the new currency has been mostly from retail investors and the occasional hedge fund. Billionaire George Soros’ family office, for instance, announced plans to trade the digital currency earlier this year.

But university endowments are different, as they are meant to support education. Swensen’s imprimatur could give virtual currency entrée to other such institutions.

The asset class has had a wild ride over the past year, when crypto-mania…