Yale University's Endowment has reportedly started investing in crypto.

Good evening. I'm Mark Hoxstein, and this is late confirmation from CoinDesk,

bringing you the top stories from Friday, October 5th, 2018.

On today's show, a startup called Celsius pays customers to use its wallet.

The SEC asks for more comments on a rejected Bitcoin ETF proposal. A mining firm bets big that Ethereum's hard fork won't

happen and a reminder that cheaters never prosper. But first, Yale appears to be investing in an unnamed crypto firm from

its massive endowment, Bloomberg News reports, citing an anonymous source. The university boasts

the second largest endowment fund in the world following Harvard and is known for making

unconventional investments. Though not much is known about the crypto firm that

allegedly received the money, it is reportedly led by a formidable group of Coinbase co-founder

Fred Ursham, a former partner at Sequoia Capital, Matt Huang, and Charles Noyes, who previously

worked at Pantera Capital. Later on, CNBC reported that the endowment

had also invested in Andresen Horowitz's $300 million crypto fund. Reports suggest that Yale

University's chief investment officer has taken stakes in two well-known cryptocurrency funds.

If this is true, a new investor like Yale is big

news for the crypto industry. Crypto lending startup Celsius pays thousands of users' interest

for depositing Bitcoin and Ether in its wallet. The company is led by Alex Michinsky,

who's best known as a pioneer of voice over internet protocol,

and it can afford to pay users' interests by redistributing income from the lending side of its

business. This business model somewhat resembles that of a traditional bank, except I should note

there's no federal deposit insurance here. But chief operating officer Daniel Leon argues

that Celsius could attract new users away from the legacy banks by consistently offering better

...