The University of Wyoming has announced that it has allocated $4 million to running nodes and staking at least three cryptocurrencies.
It has been reported that a Wyoming Blockchain and Fintech Select Committee appointee and founder of Avanti Bank & Trust — a local bank servicing the digital asset sector. April 28, 2021
NEWS NOT REPORTED YET: State of #Wyoming appropriated $4m for nodes/staking in at least 3 cryptocurrencies, run by Univ of Wyoming. This kickstarts program where gains from this pool, if matched by private donations, go to fund UWyo! @rothfuss 🤠🚀🔥https://t.co/LDul3iGtS4 pic.twitter.com/KxFVm5YhLp — Caitlin Long 🔑 (@CaitlinLong_) April 28, 2021
However, the documentation posted by Long notes the University appropriated $4 million from the state’s strategic investments and projects fund to establish, operate, and maintain “nodes and staking pools for no less than three publicly tradable cryptocurrencies.” The revenues generated by the University’s staking pools will first be mobilized to cover operational costs, and then to repay the $4 million to the state’s investment fund. Once the investment has been repaid, profits from the University’s staking will be distributed “to support blockchain programs and activities at the university and community colleges throughout the state.”
The report said that the expenditure of profits generated through staking is conditional on the University matching every $1 appropriated from the investment fund with at least $2 in either private donations or from the campus’ reserve accounts.
Chris Rothfuss, the senate minority leader of the Wyoming Legislature and Chairman of the state’s Blockchain and Fintech Select Committee, praised the committee’s “herculean effort” in getting the legislation passed. Many Twitter users have responded to Long’s post with speculation that Cardano (ADA) may be one of the assets the University is intending to stake.
Is #Cardano one of them? 🤠🤔 — Aleksandra Huk (@HukAleksandra) April 28, 2021
Thus, one commenter shared a link to information on a staking pool identified by CardanoStaking.info as being operated by the University of Wyoming’s Advanced Blockchain Lab.
Source: Cointelegraph | Image: Wallpaper Flare