The MIT COOP, a store which allows students at the institution to purchase a multitude of products (most prominently, books) is now accepting bitcoins, according to a Thursday morning announcement.
It’s effectively become the first major university bookstore to support the bitcoin digital currency as a means of making payments, perhaps setting the trend for other college institutions not only in the United States, but around the world.
“The MIT COOP is the first campus-based business to respond to this student-led adoption, continuing its reputation as a cooperative by students and for students,” remarked Jerry Murphy, President of the COOP. “Once we decided to add bitcoin to our bookstore, we turned to BitPay to make it happen.”
Atlanta, Georgia-based BitPay will be processing the transactions on behalf of the COOP, and it’s all a way to help benefit the student.
[blockquote style=”2″]The COOP’s decision to accept bitcoin at its MIT store is symbolic of its commitment to serving a student culture of leaders and thinkers from diverse backgrounds globally. The store has been dedicated since its founding to lowering costs for students and bitcoin’s elimination of credit card transaction fees offers the store a new way of passing on savings.[/blockquote]
“Students are the next generation technology leaders and we expect them to be at the forefront of new technology adoption like bitcoin,” adds Tony Gallippi, BitPay co-founder and Executive Chairman. “As MIT and The COOP are two of America’s most historic examples of innovation, the adoption of bitcoin continues this tradition.”
This isn’t MIT’s first encounter with bitcoin. The school’s bitcoin club is planning to distribute $100 worth of free bitcoin to all undergraduate students this semester.