Indian Banking Sector Lends Financial Support To Crypto Exchanges & Investors/Traders

Although the former administration of the United States tried so hard to put an end to cryptocurrencies for good, it was not able to do it. The cryptocurrency industry managed to survive even in some of the harshest of situations and environments.

Since the beginning of 2021, the cryptocurrency industry has started getting picked up in the United States. The country is now viewing cryptocurrencies and blockchain technology from a different angle. This is the reason why cryptocurrency and blockchain technology is growing at a fast rate in the country.

People in the United States are getting used to adopting cryptocurrencies for the purpose of making payments. This is the reason why the cryptocurrency industry has now started gaining much attention and adoption in the country.

One of the latest examples of the high demand in acceptance rate for cryptocurrencies is a donation that a particular university received in Pennsylvania. The reports suggest that the University of Pennsylvania recently received a donation in the form of a gift.

The University officials revealed that they have received $5 million worth of donations in the form of Bitcoin (BTC). It was also confirmed by the officials that they have already sold the BTC they received and have cashed it out.

The university confirmed that the benefactor who sent the donation did not reveal his/her identity. The donation he made was for the Wharton School of Business of UPenn. The anonymous benefactor reportedly donated around 118.46 Bitcoin (BTC) to the university. At the time of writing, the 118.46 BTC translates to around $5 million.

The university has confirmed that it has already dedicated the funds raised from the sale of Bitcoin (BTC) to a particular innovation sector. The university has confirmed that the funds will be used for Innovation in Finance at the Stevens Center.

John Zeller, the senior vice president at UPenn for alumni relations and development revealed how they treat cryptocurrency donations. He stated that they liquidate all cryptocurrency donations the moment they receive them.

The university does not hold cryptocurrencies and converts them to fiat the moment they receive them. Zeller confirmed that it does not matter whether a cryptocurrency donation is large or small, they liquidate them right away.

He clarified that it does not mean that they cannot hold cryptocurrencies. They always have the option of doing that but since they started accepting cryptocurrencies, they tend to liquidate them right away.

Zeller also confirmed that $5 million in Bitcoin (BTC) is the largest donation they have received in the form of cryptocurrencies. The donation of 118.46 Bitcoin (BTC) made it to the university through the New York Digital Investment Group.

 

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