Wyoming University is allotting $4 million for running nodes. In addition, the University is embracing cryptocurrency staking as an innovative approach to raise revenue. The University is staking at least three cryptocurrencies.
Caitlin Long, a Wyoming Blockchain and Fintech select committee appointee, shared the news on Twitter on April 28. Moreover, he is a founder of Avanti Bank and Trust, a local bank servicing the digital asset sector.
According to the documentation posted by long, the University appropriated $4 million from the State’s strategic investments and projects fund. However, University uses these funds to establish and maintain the nodes and stake pools for not less than three publicly tradable cryptocurrencies.
Moreover, the University mobilizes the revenue generated through staking pools to cover the operational costs and later repay $4 million to the State’s investment fund. As soon as the investment gets repaid, the University distributes the staking profits. Moreover, the profits will support blockchain activities and programs at the University and all community colleges throughout the State.
However, the expenditure of these generated staking profits is conditional to the University. Therefore, the University should match every $1 appropriated from the investment fund to at least $2 from either private donations or the campus’ reserve accounts.
He is the Senate minority leader of the Wyoming Legislature and also Chairman of the State’s Blockchain and Fintech Select Committee. He praised the committee’s herculean effort to get the legislation passed.
Long’s post received several responses from Twitter users. However, they responded with speculation that Cardano (ADA) may be one of the University’s assets to stake.CardanoStaking identified one of the comments that shared a link to the information on a staking pool. Moreover, Wyoming University’s advanced Blockchain Lab operates the info. However, the pool has minted less than ten blocks till now.
Nevertheless, it has pledged around $60,000 worth of ADA. IOHK is the company behind Cardano. It donated $50,000 worth of ADA in February 2020 to the University’s Blockchain to advance its research.