Cryptocurrencies transforms college business operations.

  • December 9, 2022
  • Jennifer Moore
Cryptocurrencies transforms college business operations.

Cryptocurrencies have evolved over the years. While the currency has quite a reputation for its volatility and fraud, the universities could only use it to pay criminals in case of ransomware attacks. Cryptocurrency payments helped the universities to restore their network from criminals quickly. 

Increasing Popularity of Cryptocurrencies

With the increasing trend of cryptocurrency adoption worldwide, several organizations, retail industries, and universities are exploring them. In 2022, 75% of US retailers are planning to build a crypto payment gateway infrastructure, as 30% of US consumers use cryptocurrencies. In a report of April 2022, 28% of the people between the age group thirteen to thirty-nine years had purchased cryptocurrencies. More than 300 million people around the world own cryptocurrencies today. 

While 2022 has not been the best year for cryptocurrencies, as the global market capitalization of the currency plunged from three trillion dollars in 2021 to $804 billion in 2022. Moreover, the use of cryptocurrencies is not as widespread as it was in 2021. Despite the huge crash in value, and the loss of investor confidence, due to the large crypto exchange collapse, the universities are now open to total market recovery.

Also Read: Brazil Accelerates Crypto Adoption Passing Law for Digital Asset Payment Legalization

How are Universities Using Crypto Assets for their Business?

Recent research suggests that universities are utilizing cryptocurrencies and NFTs in their business in various ways. 

Accepting Course Payments

Cryptocurrencies are a trend today, as many businesses are opting for crypto payment gateways. There are many people around the world who wants to get paid in cryptocurrencies and use them to buy services and goods. 

Since the month of May, Bentley University near Boston is allowing students to pay their tuition fees in cryptocurrencies such as Ethereum, USDC, and bitcoin. Although there are some universities that allow crypto payments only for specific courses. 

Crypto as Payments

In 2021, the Wharton School of Pennsylvania University announced that they will accept cryptocurrencies from students who will pay for the executive program for the economics of digital assets, and blockchain, 

For international students, paying tuition fees in cryptocurrencies is easier, faster, and cheaper. This also helps them to avoid the payment for international transfer transactions and conversion of currencies. The universities benefit by receiving the payments easily rather than a delay of multiple days in case of overseas bank transactions. 

There are several universities around the world that deal with volatility in cryptocurrency prices. Nicosia University in Cyprus converts the bitcoins into euros immediately. On the other hand, some universities in Paraguay evaluate the crypto price before converting it into the national currency.  

Also Read: Top 10 Countries Leading in Blockchain Technology Around the World

Receive Funds in Crypto

Universities all around the world are receiving funds and gifts in the form of cryptocurrencies. The Public Charity Organization, Fidelity Charitable received crypto gifts worth $441 million dollars. This was more than twelve times the amount they received in 2020. 

Crypto donations and payments

Giving Block, a tech company planned to help a hundred universities such as Maryland University, Arizona University, Wake Forest University, and Catholic University to handle crypto donations and payments. There are some universities that have added new crypto-related guidelines on the “How to give” pages on their websites. 

The co-founder of the Ethereum Blockchain network, Vitalik Buterin in the month of November of 2022, gave away $9.4 million dollars worth of cryptocurrencies to Maryland University. The amount was used by the university to fund public health research. 

Exploring the Use of Non-Fungible Tokens

There are some universities that are considering the crypto trend, and utilizing it as a feasible option to raise money, and strengthen their bonds with their alumni. When the decentralized ledger technology was first invented and introduced it supported financial assets such as bitcoins, and other cryptocurrencies. 

The technology has evolved over the years and developed a special form of digital assets known as non-fungible tokens. An NFT is a unique video, image, or audio file that represents any product or item. Such as songs stored in the decentralized technology or a painting. The network will also contain any information or files regarding its recognition like who owns it is available. 

What is an NFT?

While an NFT is not an asset itself, it is only one of its type. An NFT is an exclusive digital version and is often recognized as a status symbol for society. A pseudonymous artist creates a non-fungible token artwork known as “The Merge”. It was sold for $91.8 million in December of 2021. 

The University of California, Berkeley in the month of June 2022, developed an NFT based on the noble-prize-winning research of immunologist James Allison. The auction of the token raised around fifty thousand dollars. 

In Conclusion

In 2022, Harvard University announced that graduates from the university receive an NFT. Other renowned universities have also announced the use of cryptocurrencies, and NFTs. Thereafter, as tokens of appreciation and payment modes for several courses.

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