Bentley Now Accepting Cryptocurrency for Tuition Payments
Bentley University is now accepting cryptocurrency for tuition payments, becoming one of the first universities in the U.S. to offer students this new digital option. The move highlights Bentley’s long-standing commitment to leading the way in the early adoption of technologies changing the business world.
“Bentley University is at the forefront in preparing business leaders with the skills and knowledge to succeed in the changing world economy,” said university 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.”
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The university is partnering with the crypto exchange Coinbase to accept three cryptocurrencies -- Bitcoin, Ethereum and the stablecoin USD Coin -- giving students and their families new ways to pay their tuition. Bentley is also planning to accept gifts and donations in Bitcoin, Ethereum and USD Coin.
Cryptocurrencies play an increasingly important role in the world’s economy, affecting the creation of new businesses, how salaries are paid, how payments are tracked, and even how we buy tickets to games and concerts. More than 41 million Americans – 16 percent of U.S. adults – have invested in, traded or used cryptocurrency, according to the Pew Research Center. The global cryptocurrency market is projected to more than double, from $910.3 million in 2021 to $1.9 billion in 2028, according to Fortune Business Insights.
Bentley student Alex Kim ’22, MSF ’23 was an early cryptocurrency adopter. He started investing in Bitcoin during high school, and last fall he launched the Bentley Blockchain Association, one of the few student-led blockchain groups in the nation. The group has grown to 257 members just a few months after its creation.
“Students have a real interest in knowing more about blockchain, decentralized finance and cryptocurrency investments,” said Kim, who will be a speaker at NFT.NYC, the world's leading event focused on non-fungible tokens or NFTs. “These technologies are influencing the industries where they will be working.”
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Student interest helped fuel the creation of a new crypto finance course that will launch at Bentley this fall focused on blockchain applications and decentralized finance.
Last year, Bentley used another form of digital technology to celebrate former women’s basketball coach Barbara Stevens’ induction into the Naismith Memorial Basketball Hall of Fame, creating NFTs – “non-fungible tokens,” which are digital collectibles that are bought and sold with cryptocurrency on blockchains – to commemorate the milestone. Bentley was one of the first universities in the world to issue NFTs.