UPS Alum Makes First Bitcoin University Grant

A $10,000 gift made in bitcoins to liberal arts college University of Puget Sound last week could mark a “first” in the world of American higher education philanthropy.

Bitcoin entrepreneur Nicolas Cary ’07, who graduated with a Bachelor of Arts degree from Puget Sound’s Business Leadership Program, made the unrestricted gift on Tuesday by electronically transferring just over 14.5 bitcoins to the university for its 2013-14 Alumni Fund.

The 28-year-old CEO of Blockchain, which runs the world’s most popular “digital wallet” for bitcoins, said he made the gift in the currency that is now central to his life and career.

“I always wanted to give back to Puget Sound once I was in a position to do it. I was the grateful recipient of scholarships and loans, and now that I’m in a position to make a difference, I want to help others get on the road to success.”

 Cary says that although thousands of merchants and nonprofits now accept the digital currency, he believes this is the first gift ever made to an American college or university in bitcoins. A record kept by the Bitcoin wiki that lists nonprofits accepting Bitcoin donations supports this claim.

“We were delighted when we heard Nic wanted to make this generous and pioneering gift to Puget Sound,” said Sherry Mondou, vice president for finance and administration. “At the same time, we were a little uncertain how to proceed, as we had no gift policy on digital currencies and were unfamiliar with the process. But we greatly welcomed Nic’s thoughtful initiative and felt it would serve us well to learn to engage with the e-commerce world.”

The gift is being made as part of Puget Sound’s $125 million One [of a Kind] comprehensive campaign that is supporting student financial aid, academic programs and research, new facilities, current operations, and initiatives key to the success of students. Launched in 2007, the campaign has attracted more than $109 million in gifts to date from alumni, parents, campus members, and friends of the university.

Bitcoin, an open-source currency affiliated with no country or bank, has rapidly been embraced by popular culture and has attracted tens of thousands of followers in recent years. In the past year groups including online retailers Overstock.com and TigerDirect, games developer Zynga, and the Sacramento Kings basketball team announced they would accept bitcoins.

The digital currency, launched in 2009, is traded and managed through a peer-to-peer technology network that has no central owner. It is used for tens of thousands of transactions a day via mobile or desktop devices. The fees are a fraction of the cost of credit card transactions, and transfers take seconds. Individuals can buy or sell bitcoins using U.S. dollars or other currencies on private exchanges based around the world. Users store their bitcoins electronically in an encrypted digital wallet, such as the one offered by Blockchain, a company with more than one million users worldwide—up from about 110,000 just over a year ago.

“It’s like email for money. Anyone can understand the rules,” Cary says. “The world has 2.5 billion people who do not have bank accounts. Now someone in the North African desert has access to the same level of traditional finance tools as a Fortune 500 CEO.”

To receive the gift Puget Sound established an online, nonprofit account with e-commerce processor BitPay. Through BitPay the university processed a “bill” in U.S. dollars for the pledged donation. BitPay sent an email message to Cary containing an invoice based on the current bitcoin-to-US$ exchange rate. He had three options to transfer the bitcoins from his own online “wallet” to the university’s BitPay account: select “click-to-pay” to launch a Bitcoin “wallet” application; scan the invoice QR code using a mobile device; or copy and paste the Bitcoin payment address into his wallet, which he accesses through a website login.

Nicolas Cary makes the Bitcoin gift from his Berlin hotel

Cary, engaged in business in Berlin at the time, chose to scan the QR code. BitPay acknowledged the payment instantly, and after the bitcoin transaction was completed through the public ledger known as the block chain, the payment was reflected in Puget Sound’s BitPay account in U.S. dollars, ready for deposit into the university’s bank account.

Nicolas Cary, who now travels the world for business, was invited to become CEO of Blockchain just six years after graduating from Puget Sound. Cary says his business leadership classes and the professors’ mentoring created an atmosphere where students felt ready to challenge traditional ideas and become thought leaders in today’s evolving world.

“I applied to over a dozen colleges, but as soon as I set foot on the Puget Sound campus, I knew I wanted to go there,” Cary said. “I just knew it would be right. There was something about that [business leadership] class. Our cohort of students was exceptional. They were smart; they were motivated; they were fun.”

The Denver-born entrepreneur graduated from Puget Sound with a double major in business leadership and international political economy in 2007. After graduation he traveled, volunteered, met his first boss at a leadership conference, and moved to Pennsylvania, where he worked for software company PipelineDeals. Last year he joined Blockchain, which quickly grew from a two-man startup to a 14-employee firm that now runs the world’s most visited Bitcoin site.

Cary is enthusiastic about the prospects for digital currencies, which he sees as a natural progression in an increasingly digitized world.

“It shouldn’t surprise us that money is going digital,” he says. “Look at music and photography, and the power of peer-to-peer networks. It’s going to be tremendously exciting to see what happens in this space.”

About Blockchain: Blockchain.info is the No. 1 Bitcoin site, with more than 1.2 million users and 300 million page views a month. The company offers three services: a secure digital wallet that allows individuals to securely store and spend bitcoins; access to a public ledger tracking all the bitcoin transactions worldwide; and a popular information site, including news, prices, statistics, and links to Bitcoin services. Blockchain’s employees are based in the United States, United Kingdom, and Japan, allowing 24-hour servicing of clientele.

Army Announced Decision on Army Cyber Forces

The United States Army has announced that the Army Cyber Command (ARCYBER) Headquarters will be located at Fort Gordon, Ga., consolidating and coordinating Army cyber and network operations under one commander for the first time in its history.

Establishing the Army Cyber Center of Excellence at Fort Gordon will begin by aligning Army cyber proponency within the U.S. Army Training and Doctrine Command, creating institutional unity and a focal point for cyber doctrine and capabilities development, training and innovation.

The Army selected Fort Gordon as the permanent location for ARCYBER Headquarters for operational and cost reasons. Since its establishment in 2010, ARCYBER has been temporarily split-located in seven government buildings and leased space across the national capital region. The move to Fort Gordon will co-locate ARCYBER Headquarters with the Army's Joint Forces Headquarters-Cyber and NSA-Georgia, placing the Army's operational cyber headquarters with the majority its cyber mission forces.  It will require 150 fewer personnel than other potential sites, as well as reduce military construction requirements and costs by 23 percent less than other considered options.

 "Cyber threats are real, sophisticated, growing, and evolving," said ARCYBER's commanding general, Lt. Gen. Edward C. Cardon.  "The Army's decision demonstrates support for unity of command and the importance of cyber to our Army and our nation," he explained.

Before selecting Fort Gordon, the Army evaluated its ability to support U.S. Cyber Command-directed missions and other operational factors such as installation capacity, environmental impacts, and human resource considerations. Community input was also solicited and considered through an environmental assessment public comment period conducted in the fall.

ARCYBER will continue to have a command liaison element co-located with U.S. Cyber Command at Fort George G. Meade, Md.

For more information, please contact Army Cyber Command Public Affairs: Jennifer Downing at 703-428-6396; or Army Public Affairs: Lt. Col. Donald E. Peters at 703-697-7550 or Wayne Hall at 703-693-7589.

Additional information about ARCYBER is available at the command website.

Puget Sound Cyber Security Summit

The PNWER offers Cyber Security Summit.

(Click on Image for a Larger & Complete View)

DOD Announces Nomination of Cyber Command Commander/ NSA Director

Secretary of Defense Chuck Hagel announced today Navy Vice Adm. Michael S. Rogers as President Obama's nominee to become commander of U.S. Cyber Command.

In addition, the Secretary announced that he has designated Vice Adm. Rogers to serve as director of the National Security Agency, and chief of the Central Security Service.

Vice Adm. Rogers currently serves as the U.S. Fleet Cyber Command commander. If confirmed by the U.S. Senate, he will replace Gen. Keith Alexander, who has served as the NSA director since 2005, and the Cyber Command commander since 2010.

Additionally, the department is announcing that Richard Ledgett has been selected to serve as the NSA deputy director.  In his new role as the senior civilian at NSA, Ledgett acts at the agency's chief operating officer. He replaces J. Chris Inglis, who retired from the position in January.

NWEA Becomes Element 8

At its annual Cleantech Leadership Forum, Northwest Energy Angels officially became Element 8.

Its new name, image and messaging were chosen to better communicate to investors and entrepreneurs not just what they do, but why they do it -- to create a healthier and more sustainable planet.

Accompanying the new name is a completely re-designed website www.element8angels.com in which Element 8 tries to speak very directly to everyone whose expertise we can leverage, and with whom they can partner, to achieve the mission.

Northwest Energy Angels was founded in 2006, as the very first angel funding group exclusively focused on clean technology and sustainability.  Since that time, its investors and portfolio have grown until it became clear that the name, and its generic acronym NWEA, no longer reflected their full scope. 

Our 43 portfolio companies represent a wide range of products, services, and market sectors and are located all across North America.  Element 8 sees abundant opportunities to create a prosperous and brighter future. They were motivated to craft a name and brand that does not unintentionally limit the perception of its scope. And better yet, the Element 8 name conveys the future they intend to help create, and its aspirations for a sustainable and healthy planet. 

Element 8, the atomic expression for Oxygen, is a wonderful metaphor.  It evokes the aspirations of our work-clean air, clean water, an abundant element essential for life and health. And Oxygen is a change agent, as is the organization, sparking the fuel of monetary investments, as well as guiding and mentoring early-stage companies.

T

Nominations Open for EY Entrepreneur of the Year

Nominations are open for the EY Entrepreneur Of The Year™ 2014 Awards, celebrating innovative business leaders who turn vision into reality.

EY is calling for nominations for the 28th Annual EY Entrepreneur Of The Year Awards, recognized as one of the most prestigious business award programs in the country. The program has a firm deadline of March 14, 2014 for nominations, with the Pacific Northwest awards ceremony scheduled for June 20, 2014 at the Hyatt Regency Bellevue, Bellevue, Washington.

Each year, EY showcases successful entrepreneurs from more than 150 cities in 60 countries. In 2013, nine entrepreneurs leading companies from the Pacific Northwest were selected as EY Entrepreneur Of The Year Award winners. Past award winners in this region include: Gertrude Boyle and Tim Boyle, Columbia Sportswear; Dan Brettler, CarToys; Greg Enell, Double Down Interactive; Dave Shaffer, DePaul Industries; Howard Schultz, Starbucks;  Spencer Rascoff, Zillow; and, Jim Weber, Brooks Sports.

“At EY, it’s through our Entrepreneur Of The Year Program that we have had the privilege of getting to know many high impact entrepreneurs,” said Mike Kacsmar, Americas Director, EY Entrepreneur Of The Year. “The entrepreneurs we have honored are creating disruptive companies and causing a positive ripple effect in our communities, our capital markets and our economy.”

Award winners are selected in a number of industry categories by a panel of independent regional judges, including previous winners of the award, leading CEOs and private capital investors and other regional business leaders. Entrepreneurs may nominate themselves or be nominated by peers and other business leaders.

Awards criteria
To qualify, entrepreneurs must be the founder or an executive who organizes, manages and assumes the risk of a business early in its life cycle or during its growth. Self-nominations are encouraged, and there is no fee. The firm deadline for 2014 nominations is March 14.

Entrepreneurs eligible for consideration include not only company founders, but also leaders of multi-generation family businesses and transformational public and private company CEOs. Additionally, the nominee’s company must be at least two years old.

Information is available at www.ey.com/us/eoy. For information on the Entrepreneur Of The Year Awards in the Pacific Northwest please visit www.ey.com/us/eoy/pnw. 

Sponsors
Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards are nationally sponsored by SAP Americas and the Ewing Marion Kauffman Foundation.

In the Pacific Northwest, regional sponsors include Merrill Corporation, Perkins Coie LLC, Scherzer International,  he Big Picture Video Film & Arts, and Union Bank

Contact information
To get more information, as well as nomination forms, contact: Rachel Anderson, rachel.anderson@ey.com or +1 206 654 7633. 

About EY Entrepreneur Of The Year™
EY Entrepreneur Of The Year is the world’s most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 150 cities in more than 60 countries.

About EY’s Strategic Growth Markets practice EY’s Strategic Growth Markets (SGM) practices guide leading high-growth companies. Our multidisciplinary teams of elite professionals provide perspective and advice to help our clients accelerate market leadership. SGM delivers assurance, tax, transactions and advisory services to thousands of companies spanning all industries. EY is the undisputed leader in taking companies public, advising key government agencies on the issues impacting high-growth companies and convening the experts who shape the business climate. For more information, please visit us at ey.com/us/strategicgrowthmarkets, or follow news on Twitter @EY_Growth.

About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

Puget Sound Cyber Security Summit

Join the Puget Sound Cyber Security Summit for a regional discussion of current cyber threats and common challenges with managing complex data and access.

(Click on Image for a Larger & Complete View)