Goa-based edtech start-up BrightCHAMPS, which is valued at nearly $500 million, has announced that it will now accept cryptocurrencies such as Bitcoin, Tether, and Ethereum as modes of fee payment in more than 30 countries it is operational in, including the US, Canada, UAE, Nigeria, Malaysia, Thailand, etc.
The company said that it will also accept crypto payments from its customers in India and all its payments are booked through its Singapore-based parent entity. “BrightCHAMPS is compliant with every country’s laws, wherever it has subsidies,” it added.
The edtech company said it has tied up with crypto payment gateway TripleA to ensure secure and stable transactions for new and existing customers. The partnership will also ensure that BrightCHAMPS subscribers get the most competitive exchange rates within the top 7 crypto exchanges in the world, it added.
TripleA is compliant with Singapore’s central bank, Monetary Authority of Singapore (MAS), is a member of the Singapore Fintech Association, and follows the international protocols for anti-money-laundering (AML) and know-your-customer (KYC).
The announcement comes on the back of BrightCHAMPS’ recent acquisition of Education10x, a financial literacy education platform for children from 8 to 16 years of age.
Ravi Bhushan, Founder and CEO of BrightCHAMPS, said, “Cryptocurrency is the future of payments, and we, at BrightCHAMPS, are committed to ensuring that our customers are always empowered to embrace change. It is our belief that lack of financial literacy is one of the costliest things that can happen to anyone in the world.”
“So the decision to allow cryptocurrencies as payment was an obvious and imminent one for us. We hope that by enabling crypto payments, we will be able to make our offerings accessible to a wider audience around the world in a seamless and more cost-effective manner with the help of the instantaneous transactions and lower transaction fees that crypto payments are known for,” he added.
The crypto-as-payment functionality is now live on the BrightCHAMPS platform across all geographies after thorough testing and security checks.
BrightCHAMPS is valued at nearly $500 million with $63 million in investments from investors such as US-based GSV Ventures, Singapore-based BEENEXT, and Premji Invest and Flipkart co-founder Binny Bansal-backed 021 Capital from India.