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Entrepreneur Donates $10,000 Worth Of Bitcoins To Washington College

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(credit: Sean Gallup/Getty Images)

(credit: Sean Gallup/Getty Images)

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TACOMA (AP) — In what may be the first college donation of the new electronic currency, a Bitcoin entrepreneur has donated $10,000 worth of the digital money to a Washington state liberal arts college.

The University of Puget Sound said on Wednesday it had received a donation of 14.5 coins of the currency, which it has converted into more traditional dollars.

Nicolas Cary graduated from the university in 2007 and now runs Blockchain, which supports the online currency market. The 27-year-old CEO said he wanted to make the gift in the money that is central to his life and career.

He believes the donation is the first Bitcoin gift to a U.S. college or university.

Bitcoin is an open-source currency affiliated with no country or bank. Peer-to-peer trading began in 2009.

Sherry Mondou, vice president for finance and administration at the University of Puget Sound, said administrators were a little uncertain how to handle the gift, as they had no policies on digital currency.

“But we greatly welcomed Nic’s thoughtful initiative and felt it would serve us well to learn to engage with the e-commerce world,” Mondou said.

The donation was made in support of a $125 million alumni fundraising campaign, money meant for scholarships, academic programs, buildings and other projects.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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