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The University of Austin, which is admitting its first class of students this fall, has partnered with cryptocurrency platform Unchained to raise $5 million in Bitcoin for its long-term fund. Known as UATX, the school bills itself as being dedicated to free speech and intellectual risk-taking. “Bitcoin provides a unique opportunity for advancing UATX’s commitment to cultivating future generations of leaders and innovators," Thomas Hogan, an incoming associate professor at the university, said in a statement. The university is planning to bring in 100 students this fall and has said it will provide free tuition for that first cohort. UATX’s backers include Larry Summers, a former US treasury secretary and Harvard University president, as well as historian Niall Ferguson and venture capitalist Joe Lonsdale. Journalist Bari Weiss, who is among the founders, revealed plans for the school in 2021.  

 This partnership aims to integrate Bitcoin into higher education and explore alternative financial strategies . The endowment fund will be held in Bitcoin for at least five years . The collaboration between UATX and Unchained is expected to set a precedent for other academic institutions to explore alternative and potentially more resilient financial models