At a time when techies and crypto enthusiasts are going overboard seeking out use cases to design into a DeFi concept, Universities are rolling out opportunities to be paid in cryptocurrency. Bentley University recently announced that it is ready to accept three kinds of cryptocurrency for tuition fees.
Bentley is en route to becoming one of a handful of universities and colleges across the U.S. accepting the virtual currency. It reminds us of all the times the virtual currency was downplayed, criticized, and dismissed as a “bubble” by experts in the financial field.
The University is set to partner with a leading cryptocurrency exchange, to turn this goal into reality. Bentley has announced it will accept Bitcoin, Ethereum, and USD Coin. The university revealed its intentions to accept gifts and donations in the given three forms. USD Coin is a particular variant of cryptocurrency – a stablecoin. The value of the USD Coin is pegged to the U.S. dollar.
“Bentley University is at the forefront in preparing business leaders with the skills and knowledge to succeed in the changing world economy,” said Bentley President E. LaBrent Chrite. “We’re proud to embrace this technology that our students are learning about, which will soon transform the global business landscape they’re about to enter.”
The new payment acceptance feature is installed and ready to be used. The alternative is now available to students and their families who wish to pay with crypto and now appears on Bentley’s financial services website.
Among other higher education institutions across the US, there are some that have taken similar steps. In October, The University of Pennsylvania rolled out a crypto alternative for tuition payment for an online program at the Wharton School. This revolutionary step made Penn the first Ivy League institution and Wharton the first business school in the US to enable students to pay their tuition using cryptocurrency.
In contrast to Bentley, Penn’s crypto payment alternative is limited to tuition payments for one program: the Economics of Blockchain and Digital Assets course. UPenn’s choice of accepted crypto also encircles Bitcoin, Ethereum, and USD Coin.
A Bentley student Alex Kim has been an early cryptocurrency adopter, as per the university sources. Kim started investing in Bitcoin in high school. Last fall he formed the Bentley Blockchain Association. The association is now recognized as one of the earliest few student-led blockchain groups in the nation. The group has expanded to 257 members in strength, only a few months following its creation.
Bentley University forms a strong case for cryptocurrency going mainstream and gaining traction as an alternative payment vehicle. This is a clear indication the crypto industry growing out of its nascent stage and are now adequately trusted by people worldwide. The cryptocurrency startups and supporters have been emphasizing its utilities and immense potential for years. It is only now that we see them finding real-world applications.