New York City-based two private preschools announced that they are accepting bitcoin and other cryptocurrencies for tuition payments, CoinDesk reported.
According to Marco Ciocco, co-founder and chairman of the schools, Montessori schools based in Flatiron and SoHo neighborhoods of Manhattan have begun accepting ether and litecoin, apart from bitcoin for tuition fee, effective from June.
Cryptocurrency payments are accepted by integration with digital currency startup Coinbase that automatically converts the crypto payments to US dollars.
“Parents who were early adopters are now able to take advantage of the appreciation of their digital assets and use them to pay for their children’s education – something that will ultimately have a lifetime impact on their families,” Ciocco told CoinDesk.
Online materials say that tuition fee at the schools range as high as $30,950 per annum – worth roughly 12.3 BTC at press time. Ciocco added that with the increasing price trend of cryptocurrencies, parents are adopting more to digital currency payments.
“As a forward-thinking administration, we like to stay ahead of the curve and would not be surprised if the percentage of tuition paid in digital currencies continues to grow every year and becomes a substantial portion of our payments,” he added.
