New York City Preschool Accepts Tuition Payments in Bitcoin & Ethereum, Rejects Credit Card

Marco Ciocca, who co-founded the school, explained the reasoning. "I'd been sorta following the space for a few years – just really noticed that a lot of forward thinking businesses were starting to accept it," he told Business Insider. Several parents who work in the crypto sector asked whether the school would accept digital payments, which prompted the decision.

The school processes payments through a third-party service that converts each transaction instantly to U.S. dollars and deposits the funds to the school's bank account within minutes. Ciocca cited the fee structure as a major incentive. "There's about a one percent transaction fee, which is less than, you know, two, three, four percent sometimes with credit cards," he said. Credit card declines also incur extra fees and hassle. Crypto avoids that friction.

When the school announced the change, Ciocca acknowledged that many parents didn't know what bitcoin was. He found it simple to explain. "It's just another form of payment," he said. The school continues to accept cash, checks, and wire transfers as alternatives.

Cryptocurrency has expanded beyond tuition payments. In September, two prominent businessmen announced a £250 million bitcoin real estate project in Dubai that allows direct purchases from the developer.