There seems to be a growing wave of crypto adoption for payments, and it’s only gaining traction. The latest to adopt cryptocurrencies as a payment method is a Romanian University. The Lucian Blaga University of Sibiu will be the first in the country to allow students to pay for their admission fees in Elrond (EGLD). EGLD is a cryptocurrency that has risen by over 13% since news emerged that the university would now be accepting it as a payment option.
The University announced that it is in the process of implementing a payment system that will allow crypto payments. By doing this, it will create a much welcome alternative for its 11k plus student population. The university has also stated that it will be converting the money received in the crypto form to the local currency.
Commenting on this development, the University Director, Sorin Radu, stated that it was a significant step in its innovativeness. He added that the university would continue to support the local business community and that the decision to implement crypto payments in conjunction with a local company was a strong validation of this initiative.
The Romanian university also aims to comply with the country’s anti-money laundering laws. For this reason, it is working closely with crypto startup Elrond. Elrond launched in 2019 through a Binance IEO and has worked with several other universities.
In a statement, the startup announced that it was looking to deepen its ties with the Lucian Blaga University. Its growing partnerships with universities have seen its value grow significantly. Such partnerships show the massive potential in the adoption of crypto as payments.