Andrea Rumbaugh

arumbaugh@news-press.com

Florida Gulf Coast University is using Bitcoin to support students' education.

Atilus, a Bonita Springs-based Web design and Internet marketing company, pledged to donate $25,000 to the university through the Atilus Bitcoin Scholarship Fund. Half of this will be paid in Bitcoin, which is like digital cash.

The initial deposit on April 11 included $2,500 worth of Bitcoin (roughly 5.9 coins at the time). The entire endowment will be funded over the next five years, with plans to pay it faster if possible.

"We thought it would provide positive publicity for the university and help simplify some of the process around accepting donations," said Zach Katkin, president and CEO of Atilus.

Katkin said the scholarship will become available once the full endowment is paid. However, Katkin made a personal Bitcoin donation to make sure a student can receive a scholarship this fall semester.

The scholarship will be awarded to rising juniors or seniors at FGCU with a grade point average of at least 2.75, who demonstrates leadership in student clubs and organizations; who have completed, or are enrolled in, a university sanctioned internship by the first day of classes; and who demonstrate financial need.

Both Katkin and Harry Casimir, director of operations for Atilus, are alumni from FGCU – as well as five other Atilus employees. They were looking to give back to the university and thought Bitcoin would be a good way to donate.