The University of Wyoming is allocating $4 million to running nodes and staking at least three cryptocurrencies.<\/p>\n
The news was shared to Twitter on April 28 by Caitlin Long, a Wyoming Blockchain and Fintech Select Committee appointee and founder of Avanti Bank & Trust \u2014 a local bank servicing the digital asset sector.<\/p>\n
The documentation posted by Long notes the University appropriated $4 million from the state\u2019s strategic investments and projects fund to establish, operate, and maintain \u201cnodes and staking pools for no less than three publicly tradable cryptocurrencies.”<\/p>\n
The revenues generated by the University\u2019s staking pools will first be mobilized to cover operational costs, and then to repay the $4 million to the state\u2019s investment fund. Once the investment has been repaid, profits from the University\u2019s staking will be distributed \u201cto support blockchain programs and activities at the university and community colleges throughout the state.\u201d<\/p>\n
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\u2019 reserve accounts.<\/p>\n
Chris Rothfuss, the senate minority leader of the Wyoming Legislature and Chairman of the state\u2019s Blockchain and Fintech Select Committee, praised the committee\u2019s \u201cherculean effort\u201d in getting the legislation passed.<\/p>\n
Many Twitter users have responded to Long\u2019s post with speculation that Cardano (ADA) may be one of the assets the University is intending to stake.<\/p>\n
One commenter shared a link to information on a staking pool identified by CardanoStaking.info as being operated by the University of Wyoming\u2019s Advanced Blockchain Lab. As of this writing, the pool has minted less than 10 blocks, and has pledged roughly $60,000 worth of ADA.<\/p>\n
In February 2020, IOHK, the company behind Cardano, donated $500,000 worth of ADA to the university\u2019s blockchain lab to advance its research.<\/p>\n