As Quincy University has explained, cryptocurrencies are rapidly growing. The university wants to go along with the times as well as allow its donors to support students and initiatives in all possible ways. As many as 32 cryptocurrencies can be used to make a donation.
Quincy University (QU) has joined the list of educational institutions that started embracing the crypto industry. With its announcement about accepting selected cryptocurrencies as donations, Quincy University has gone far ahead of other similar institutions.
Cryptocurrencies Accepted by Quincy
As many as 32 different types of cryptocurrencies can be used to make donations. They include Bitcoin (BTC), Ethereum (ETH), ChainLink Token (LINK), Dogecoin (DOGE), Tron (TRX), Shiba Inu (SHIB), and Litecoin (LTC).
Senior director of advancement at QU Matt Bergman said:
“More and more people are investing in digital currency, and we don’t see that slowing down anytime soon. QU is always looking for ways to make it easy for donors to support our students and initiatives.”
In order to make a donation, donors need to provide their name, address, and email for the donation to be tax-deductible.
As Quincy University has explained, cryptocurrencies are rapidly growing. The university wants to go along with the times as well as allow its donors to support students and initiatives in all possible ways.
The first similar donation was made back in 2014 when the University of Puget Sound got a crypto donation worth $10,000. Other universities that made similar gift a common practice include the University of Pennsylvania, the University of California, Berkeley, the University of Illinois Foundation, and more.
For example, the University of California, Berkeley, received its first Bitcoin donation in 2017. At that time, the EchoLink Foundation gifted more than $50,000 worth of Bitcoin to the university’s Blockchain Lab. Last year, the University of Pennsylvania received $5 million worth of Bitcoin from an anonymous donor.
Notably, cryptocurrency donations come with a benefit for the donor as donations are the way around the capital gains tax. Donors can avoid the capital gains tax if they give cryptocurrency directly to the college or university.
Cryptos in Education
Blockchain and cryptocurrencies have already started to transform education, and there are several ways the distributed ledger technology could benefit educational institutions.
Firstly, the most promising use case for blockchain in education is transforming the record-keeping of degrees, certificates, and diplomas, making credentials digital and under the learner’s control, without the need for an intermediary to verify them.
Secondly, using smart contracts, educators can program lessons and courses onto a blockchain.
And of course, the educational sector is creating a new market for digital assets. Processing student payments is labor-intensive and may involve the student, parents, scholarship-granting agencies, financial institutions, governments, and educational institutions. With cryptos, it would be much easier.
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