American university appropriates $4 million for staking 3 cryptocurrencies

The University of Wyoming, one of the oldest and largest schools in the state of Wyoming, U.S., has appropriated over $4 million towards staking ‘no less than’ three cryptocurrencies, an official document showed.

“State of #Wyoming appropriated $4m for nodes/staking in at least 3 cryptocurrencies, run by Univ of Wyoming. This kickstarts (the) program where gains from this pool, if matched by private donations, go to fund UWyo,” pointed out Avanti Bank founder Caitlin Long in a tweet.

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

Staking cryptocurrencies 

As per the filing, the so-termed ‘University Staking Program’ has appropriated $4 million for strategic investments and projects account to the University of Wyoming to operate and maintain nodes and staking pools for not less than three publicly tradable cryptocurrencies.

“Staking,” for the uninitiated, is a consensus design for blockchains where all transactions are validated by network stakers based on the amount of (the network’s respective) cryptocurrency they hold. Stakers are paid out a ‘reward’ for locking up their funds towards the network’s great good—which has emerged as a ‘passive’ investing strategy for many in crypto circles.

And the university wants in on that technology. “The university shall only expend funds appropriated under this section in accordance with a final, approved. The university shall provide public access to the staking pools and nodes and facilitate the operation of the blockchains,” noted the release.

The filing said that all fees and revenues generated from the operation of the nodes and staking pools shall be first used to cover the costs of “operation and administration.”

The remaining, however, would be deposited in the strategic investments and projects account up to a maximum amount of $4 million. Furthermore, the expenditure of these funds would be conditioned upon a match of funds in the ratio of 1:2 from the university’s reserve accounts or from any private entity donating funds towards the purpose.

Who’s heading it?

As such, the initiative would be headed by the co-chairmen of the select committee on blockchain, the Wyoming chief investment officer, three members appointed by the governor with relevant expertise in cryptocurrencies, and one additional member appointed by the president of the University of Wyoming.

But don’t get your hopes too high just yet, as the filing remains a proposal for now and is subject to approval.

“The plan shall be submitted to the cryptocurrency advisory council for review and, after review, shall be submitted to the governor for approval,” reads the document.

Meanwhile, it’s a move that is iconic for Wyoming. The state has, in recent times, opened up to the prospect of cryptocurrencies and blockchain technology in a big way, going as far as proposing the legalization of decentralized autonomous organizations (DAOs) in the state. Quite the cyberpunk dream if you were to ask me.

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