“Lucian Blaga” University of Sibiu announces in a press release that it will soon be the first university in Romania to allow the payment of this year’s admission fees in a virtual currency.
The cryptocurrency in which payments will be made will be EGLD, developed by the Romanian startup Elrond.
“Our University has been and will continue to be a supporter of the community and local businesses, and the decision to develop this partnership with Elrond is in line with this strategy,” said Prof. Dr. Sorin Radu, rector of “Lucian Blaga” University of Sibiu.
The possibility of payment with virtual currency is to be implemented and will be available for the first time in the admission session in July this year. At this time, ULBS has chosen to convert EGLD to RON through a payment processor at no additional cost to the cost of a traditional bank card payment. Among the potential benefits (which always need to be weighed against the risks) of cryptocurrencies are: the possibility to make transfers without geographical limitations; low transaction costs; the possibility of public verification of transactions.
The partnership with Elrond comes in the context of ULBS’s willingness to collaborate with the business environment in Sibiu, but also of the common desire to contribute to the streamlining of processes through digitalization.
Elrond is a Sibiu-based startup developing a blockchain network. It was founded by a team of researchers, entrepreneurs and programmers who want to make improvements to existing blockchain architectures such as Bitcoin and Ethereum. This is a first step in the partnership between ULBS and the Siberian company Elrond, with other projects, including research, planned in the future.
“We recognize the great potential of ULBS students, many of the Elrond team members are graduates of this university, some of them are now associate professors of ULBS. We are pleased that through this collaboration we can offer students access to a technology that promises to have a significant positive impact on today’s society, but also on the next generation of graduates of the Siberian university and beyond,” said Beniamin Mincu, CEO of Elrond.