Revolutionizing Education: How Crypto Could Transform Student Financing
Animoca Brands’ Yat Siu believes the next big leap for cryptocurrency may originate from an unexpected source: education. While Ripple’s $25 million donation to a crypto education fund is a significant step, Siu argues that real-world applications are crucial for widespread adoption. He highlights DeFi-backed student loans as a powerful example.
Pencil Finance, a project backed by Animoca Brands and its Open Campus initiative, has launched a $10 million student loan program utilizing blockchain technology. This approach, Siu explains, offers several advantages: cheaper loans, increased transparency, and greater accessibility. This isn’t just symbolic funding; it’s a practical application that directly benefits students.
“What our industry needs are positive-sum use cases everyone understands. Cheaper, better student loans through crypto? Students will become pro-crypto.” – Yat Siu
Siu emphasizes the importance of addressing the perception problem surrounding crypto, particularly its lack of relatability for many. He believes that showcasing practical applications, like student loan financing, will resonate more effectively than focusing solely on NFT art or meme coins.
“When asked, ‘What is crypto good for?’ do we say memecoins or student loans? It’s something everyone understands.” – Yat Siu
He also underscores the long-term strategy of early adoption, akin to Apple’s educational discounts, focusing on future influence rather than immediate profit. This grassroots approach is key to building crypto literacy and fostering widespread acceptance.
“We need to show what crypto is good for. We must start from the grassroots.” – Yat Siu
While Ripple’s donation is commendable, Animoca’s strategy aims for more than just awareness; it aims to make crypto an indispensable tool within the global education system. This proactive approach shows the true potential of crypto to transform lives and industries.
Learn more about this innovative approach in the full Byte-Sized Insight interview on Cointelegraph’s Podcasts page, Apple Podcasts, or Spotify.