Bright Champs, the Goa-based education Start-up Company made an interesting announcement recently. The CEO of the company came forward with their decision to use crypto payments for their services. Interested stakeholders can avail their services using Bitcoin, Ethereum, and Tether in their platform.
The company also made it clear that it has partnered with TripleA. The payment gateway is configured to accept crypto payments during the checkout process. The gateway is secured and allows for easy and stabilized transactions. The company was founded in the year 2017 and has its registration compliance with Singapore banking rules. The company also is compliant with anti-money laundering rules and has completed the Know Your Customer protocol to complete the registration process. EdTech has integrated its payment platform to accept payments from more than 25 countries including Singapore, Thailand, the US, Nigeria, and India. The company has also recently acquired Education10X. It provides online education services for class groups aged up to 15 years of age.
Post announcement, the CEO also said that the decision to accept crypto payments came in after considering the growing craze for crypto payments. Many people are now focusing their interest on crypto investments. Considering this growing interest, even government authorities and other regulatory agencies have started monitoring this payment model. Many countries across the globe have come in support of crypto payments. While India and US rank top in crypto investments.
Why crypto payments?
Over the years, cryptocurrency has taken the stand of being a secure and transparent way of operating. The transactions undertaken using cryptocurrency are decentralized allowing for non-intervention by any third-party users. With more than 14k cryptocurrencies currently available in the market, it becomes difficult for investors to choose the best option to invest in. All these cryptocurrencies utilize and work on the blockchain platform. This means every transaction that is undertaken using cryptocurrency is broken down into many chains of blocks. These blocks are then stored in multiple user computers across the globe. Every transaction undergoes a complex validation process also known as data mining. Mathematical puzzles and algorithms are used to ensure that transaction is validated and approved.
Another advantage of using cryptocurrency for payments is its global presence. Cryptocurrency is not tied down to any country. Since it is the digital way of making payments, crypto payments convert to fiat currencies depending on the country of transaction. This means you do not need to carry fiat currency with you every time you travel. Also, many e-commerce and online shopping websites today accept crypto payments in exchange like Bitcoins Compass for their products and services. You can buy your preferred Tesla merchandise or a Microsoft PlayStation using crypto coins. In addition to the popular coins like Bitcoin, Ethereum, etc. many countries have also come up with their native currency. This is another reason to understand the growing acceptance of cryptocurrency payments.
Yet another added advantage of payment using cryptocurrency is its faster industrial growth. The total market capitalization of the cryptocurrency has today increased by more than $1.5 trillion. The increase in this investment has come through since 2012. While the first four years saw only Bitcoin investment, this investment scheme increased. The total market capitalization was only $1.5 billion in 2012 and this increased multi-fold in the past five years.
Investors can undertake transactions through cryptocurrency and ensure that each transaction is private. Blockchains allow investors to undertake transactions through the public ledger and the details are also stored on these chains. But, the important point here is that all these transactions are secured and these blockchains do not store any of the private keys of investors. This is another added advantage of investing using cryptocurrencies.
BRIGHT Champs decision to accept crypto payments is another leap in this industry. This announcement will also pave way for other educational institutions to follow this track. It is important to wait and watch for other companies to accept such a payment model. Currently, the educational start-up has its payment model operational in more than 25+ countries. The current value is $500 million out of which $65 million was raised through investor funding. This education start-up also has investments funded by even Flipkart developer Sanjay.
