Pasadena, USA: The University of the People (UoPeople) is probably the first in the world to create a cryptocurrency endowment fund.
Located in Pasadena city – California country, this American online varsity has set up the first endowment fund seeded with cryptocurrency donations. It aims to raise $10 million in initial funding,
The UoPeople will begin providing its graduates with digital diplomas via NFTs. And its students have the option to pay course fees with cryptocurrency and integrate curriculum content about digital currency and blockchain technology.
The digital diplomas will be tamper-proof and can be easily shared with potential employers around the world.
The UoPeople has received a $1 million donation in cryptocurrency to create the endowment fund in Coinbase from Albert Wenger, Managing Partner – Union Square Ventures, and his wife Susan Danziger, Founder – The Eutopia Foundation.
This first non-profit, tuition-free, American accredited online university has raised an additional million dollars in digital assets and aims to reach $10 million in initial funding.
In many countries, it is also extremely difficult or very expensive to transfer funds internationally. UoPeople has over 117,000 students and the majority of them are international. If these students are being able to pay for courses using cryptocurrency will make it easier and less costly for them to transfer money, according to the varsity.
With cryptocurrency increasingly playing a major role in the future of the financial world, UoPeople will be integrating content on financial technology, including cryptocurrency, and blockchain technology into its curriculum.
“As the university of the future, it makes perfect sense for us to create our endowment in the currency of the future as well as provide our graduates with digital diplomas as NFTs,” said University of the People President Shai Reshef.
“UoPeople has developed a new model of higher education and cryptocurrency is a new model of finance. We have a responsibility to educate our students about how cryptocurrency is transforming the way the world conducts business,” added Reshef.