The Rochester Institute of Technology (RIT) has invested in a tokenized fund offered by Cosimo Ventures according to a company release. The Fund, Cosimo X, is facilitated by Securitize and is said to be the first time a university has invested in a tokenized fund. The fund is also available to institutions, international investors, and US accredited investors
Robert Frasca, Managing Partner, COSIMO Ventures, noted that other universities like Harvard, Yale, and MIT, have made indirect investments into digital assets and blockchain technology through traditional venture funds RIT is the first to directly hold a tokenized or digital security fund.
Carlos Domingo, co-founder and CEO of Securitize, said they were extremely excited to have been chosen to issue the Cosimo X tokens:
“The COSIMO team has completely redesigned the way venture capital investing works by heightening valuation transparency, enhancing liquidity, and generating economic incentives for long-term holders. By deploying our Securitize ID and Instant Access products in tandem with the token, Cosimo investors have access to groundbreaking tech that enables instant trading of securities in a compliant way that leverages the broadest set of wallets such as Coinbase Wallet.”
James Watters, RIT’s senior VP for finance and administration, explained that as an industry leader it is important for them to back cutting edge technologies:
“We are impressed by the entrepreneurial experience and forward-thinking mindset of the COSIMO team and their innovative approach to venture investing. The team’s deal flow has sourced unparalleled investment opportunities and the fund has one of the most appealing economic structures in the market today.”
COSIMO X is investing in businesses that utilized digital assets and blockchain protocols to further advance the rapidly emerging digital economy. Frasca said the structure of the fund is very appealing and they are excited by the opportunities into which the fund will invest:
“After all, there is a multi-trillion-dollar growth opportunity in decentralized software protocols that we are aiming to capture. Yes, the tokenized vehicle is exciting, but we believe that the growth that we can foster as an investment firm will be what really resonates with our investors. Once the market fully understands the benefits of tokenization as it relates to fund investing, a structure like ours might become the market standard,” said Frasca.
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