The Immersive Education Initiative (a not-for-profit organization) on Monday launched what is said to be the world’s first global education scholarship fundable through bitcoin.

Dubbed the “Learn to Earn” scholarship, the first grants will allow about 100 teachers and students in need of financial assistance in California to attend IMMERSIVE 2014, a conference taking place in Los Angeles this week.

Later in the Fall, the second round of grants will allow students in K-12 institutions earn both credit and virtual currency “by completing intellectually challenging tasks using educational software and commercial video games,” according to the announcement.

Learn to Earn scholarship funds are divided into two categories:

The first is Professional Development, which allows for the funding of teachers, students, and young entrepreneurs to attend educational conferences; get training and certifications on technologies for education; and enroll in camps, clubs, and classes they would ordinarily not be able to.

Te second is Intellectual Enrichment, rewarding those of all ages who manage to complete challenging tasks through the use of educational software and the like.

The announcement will be followed by the formation of a council that will be responsible for overseeing the scholarship and the Immersive Education Initiative’s plans with regard to economics and cryptocurrencies.

Additional details of the Initiative’s long-term plans for bitcoin is scheduled to be announced on the morning of June 8th during the IMMERSION 2014 keynote address by the organization’s founder, Aaron E. Walsh.

Additional details on the scholarship can be found here.