As colleges and universities race to keep up with new technologies, many are experimenting with the use of Bitcoin for the payment of school-related expenses.

Harvard recently opened up a Bitcoin ATM.

Now, a college has become the first in the nation to use Bitcoin for tuition payments.

The King’s College becomes the first accredited United States University to accept Bitcoin for tuition, beginning this fall.

Through a partnership with merchant processor, the four-year conservative evangelical college in the New York City is now accepting the digital currency for expenses and donations. The officials said that this mode of payment will do away with the 2-3 percent transaction fees charged to the college when students pay tuition via credit card. does not have transaction fees.

“Allowing bitcoin to be used to pay for a King’s education decreases our costs while simultaneously allowing our students to be a part of this exciting new technology,” King’s College President Dr. Gregory Alan Thornbury said in a statement.

King’s College in Lower Manhattan charges $15,950 a semester for 12 to 18 credits. In the digital currency, a semester’s tuition costs about 28 bitcoin, TIME reports.

Thornbury is unsure as to how many students will take advantage of the new payment method. He compares the impact of the bitcoins to the financial system with the advent of email in the 1990s.

“It seems to be fairly similar to email 20 years ago,” Thornbury said. “Why would we need that? And then everybody has one,” NY Times reports.

Besides King’s College, several other higher educational institutions have caught up to Bitcoin trends. Both – University of Nicosia and the UK’s University of Cumbria – accept Bitcoin for payment of fees. In February, a University of Puget Sound alumnus made a gift of $10,000 via bitcoin although the Tacoma school does not have an bitcoin payment policy.