University Allocates $4 Million To Cryptocurrency Staking To Produce Cashflow

Friday 07 May 2021, 9:45 AM AEST - 1 month ago

In a world first, The University of Wyoming in the USA, has allocated USD 4 million to stake at least three cryptocurrencies to generate revenue to address the cost of public education, as per the official announcement.

Caitlin Long, an appointee of Wyoming Blockchain and Fintech Select Committee and founder of Avanti Bank & Trust, took to Twitter with the big news.

Millions into Crypto Staking

The University of Wyoming is the world’s first to spend millions to operate nodes and earn cryptocurrencies. Profits will cover operating expenses and the university’s Strategic Investments and Projects Account (SIPA).

According to the document, the university will run the staking program with an established “Cryptocurrency Advisory Council,” hosted by leaders of the state’s select committee on Blockchain.

Funding Blockchain Programs Across Wyoming

If profits surge above 4 million USD, the university will use the extra revenue to fund blockchain programs and other activities at the university and community colleges across Wyoming.

Users on Twitter speculate that Cardano (ADA) is one of these three tokens, considering IOHK, the company behind Cardano, donated USD 500,000 to support the University of Wyoming’s Blockchain Research and Development Lab.

Will we see other institutions follow Wyoming university and start to stake cryptocurrencies to produce cashflow?

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