Uni of Wyoming allocates $ 4 million towards three coin bets

The University of Wyoming allocates $ 4 million to active nodes and deploys at least three cryptocurrencies.

The news was shared on Twitter on April 28 by Caitlin Long, a Wyoming Blockchain and Fintech Select Committee appointed and founder of Avanti Bank & Trust – a local bank serving the digital asset sector.

According to Long published documentation, the university has appropriated $ 4 million from the state’s strategic investment and project fund to establish, operate and maintain “nodes and stake pools for no fewer than three publicly traded cryptocurrencies.”

The revenues generated by the university’s deployment pools will first be mobilized to cover operating costs and then return the $ 4 million to the state investment fund. Once the investment is paid back, the profits from the university’s commitment will be distributed “in support of blockchain programs and activities at the university and community colleges statewide.”

The use of the profit generated by staking depends on the university matching every $ 1 allocated from the investment fund to at least $ 2 in private donations or from campus reserve accounts.

Chris Rothfuss, the leader of the Wyoming Legislature Senate Minority and Chairman of the state’s Blockchain and Fintech Select Committee, praised the committee’s “tremendous effort” to pass the legislation.

Many Twitter users have responded to Long’s post with speculation that Cardano (ADA) could be one of the assets that the university wants to deploy.

A commenter shared a link to information about a stakeout pool identified by CardanoStaking.info as operated by the University of Wyoming’s Advanced Blockchain Lab. At the time of writing, the pool has hit less than 10 blocks and committed about $ 60,000 to ADA.

In February 2020, IOHK, the company behind Cardano, donated $ 500,000 to ADA to the university’s blockchain lab to advance the research.