When you think cryptocurrency, you probably think bitcoin and altcoins: UC Berkeley student’s plan to launch ‘digital currency’
UC Berkeley students will be able to use their computers and other digital assets to pay for tuition at the University of Delaware, but the university won’t be the first university to allow students to exchange their coins for real dollars.
The Delaware School of Commerce and Technology announced Monday that students will soon be able transfer their digital assets, including bitcoins and altcoin tokens, into their real dollars through a new app.
The app, which was developed by Delaware, will allow students in the College of Business, Computer Science, and Engineering to transfer their coins to other student accounts at their school, said Jeff Sillito, the university’s chief technology officer.
The students will also be able purchase and hold real dollars for themselves at their bank accounts.
Sillitos app will allow the students to transfer bitcoins from their wallets to a student account at a participating institution, such as the University at Buffalo.
“This will enable the students at Delaware to use Bitcoin or altcoin to purchase and store their own fiat currency at their banks or other financial institutions, which will allow them to make purchases at any participating bank or credit union,” Silliti said.
“We are excited to be partnering with our partners at Delaware and we are confident that the digital currency transfer will be an integral part of the university community for years to come.”
CoinLab, a company that allows students to trade virtual currency for dollars at online exchanges, announced in March that it had launched CoinLab Lite, a Bitcoin wallet app that will allow student transactions.
“The digital currency exchange is a simple and easy way for students to send and receive bitcoin and other cryptocurrencies,” CoinLab CEO and co-founder Brian Fung said in a statement.
“While there are many exciting ways to earn bitcoin, the Coinbase Lite app provides an easy and convenient way for those students who don’t have access to Coinbase to trade cryptocurrency for dollars, and also for those who do want to transfer bitcoin but don’t know how.”
Coinlab, founded by Fung and two classmates, is backed by the crowdfunding firm Blockchain.
It is also an affiliate of Coinbase.
The startup launched the Coinbase Wallet service last week and will continue to develop the app with help from the company.
Students at the College at Wilmington are the first in the country to allow their student IDs and bank accounts to be used to exchange bitcoins for dollars.
Other colleges have offered digital currencies like Bitcoin for several years.
“It’s a great opportunity for students, faculty, and staff to be able participate in this growing community and make their voices heard on the global stage,” said Elizabeth Smith, a college spokeswoman.
The College at Delaware has already made headlines for its decision to allow bitcoin students to participate in the college’s digital currency-exchange program.
CoinLab has already received more than $2 million in funding from the Bitcoin Investment Trust, the first venture-backed company backed by Bitcoin.
Sillsito said the new app, along with the CoinLab app, will add legitimacy to the Delaware cryptocurrency market.
“Students are a critical part of our digital currency ecosystem, and CoinLab is proud to help build the ecosystem with CoinLab,” Sillsitos said.
Students will be free to buy and sell bitcoins on the Delaware Exchange.
They can also use their virtual currencies for purchases and transactions at other digital currency exchanges.
In addition to the bitcoin exchange, students can also trade other digital currencies with others in the Delaware community, such.
a “virtual coin wallet” to store and trade digital currencies.
“CoinLab Lite will provide students with an easy way to securely and securely manage their digital currency and exchange it for dollars,” Silliats co-founders said in their announcement.
“With CoinLab users able to trade bitcoin and digital currencies for dollars on their computer, smartphones, or tablets, students will have a secure and secure way to spend digital currencies while they are at the school.”
The app is available for free on the app store, with a goal of launching the app by the end of the summer.
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