Wharton School of the University of Pennsylvania receives anonymous $5 million donation in bitcoin

An anonymous donor donated $5 million in bitcoin to the Wharton School of the University of Pennsylvania.

Innovation is a hallmark of the @Wharton School. An unprecedented, $5 million donation of @Bitcoin to the School will further that pathbreaking spirit by providing funding for the Stevens Center for Innovation in Finance. #powerofpenn https://t.co/gR3WB9uSA2

— Penn (@Penn) May 20, 2021

The funds will be directed toward educational and research programs related to financial innovation. For the institution, it is the largest charitable donation in cryptocurrency.

A representative of the business school told Decrypt that it has been accepting donations in digital assets since early 2021. The sum of such contributions must exceed $10 000. Cryptocurrency payments for the institution are processed by the NYDIG platform.

According to Wharton Vice President John Zeller, to address volatility in cryptocurrencies, the administration typically sells assets immediately after receipt. He added that the school has put protections in place to guard against a market downturn, though he did not specify what those are.

“We have protections in place in case of a downturn and everything needed to support the budget. We will simply see how events unfold in the future,” said Zeller.

In April 2021, software developer Moritz Schmidt donated €1 million in bitcoins to the Greens in Germany.

Earlier, the American charitable organization Songs of Love created the superhero Billy Bitcoin to raise interest in donations. The fund accepts donations in 25 digital assets.