Cryptocurrencies
University of Michigan Boosts Investment in Cryptonetwork Fund
- Andreessen Horowitz would get new capital for CNK Fund I
- Public university’s endowment is valued at $12 billion
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The University of Michigan’s $12 billion endowment plans to add money to a cryptonetwork technology fund managed by Andreessen Horowitz as more institutional investors begin to explore the market for cryptocurrencies.
Andreessen Horowitz, a Menlo Park, California-based venture capital firm, would receive an additional investment from the endowment to its CNK Fund I, according to the university’s agenda for the Feb. 21 Board of Regents meeting. The endowment committed $3 million in June and didn’t specify the amount it plans to invest.