University of Wyoming to generate income through cryptocurrency staking

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University of Wyoming to generate income through cryptocurrency staking

Wyoming authorities have allocated $4 million for a cryptocurrency staking program that will be administered by the state public university. The establishment will participate in the staking of at least 3 cryptocurrencies.

Staking at the University of Wyoming

Wyoming has allocated $4 million for a cryptocurrency staking program that will be administered by the state public university. A document indicates that the university will mine and participate in the staking of at least 3 different cryptocurrencies .

The revenue generated will first be used to cover operational costs and then to reimburse the $4 million to the state. When the investment is repaid, the profits generated from the staking will be distributed “to support blockchain programs and activities at universities and colleges across the state.” “

We don’t know exactly which 3 cryptocurrencies were chosen, but Cardano (ADA) seems like the most logical choice. In February 2020, IOHK, the company behind Cardano, donated $500,000 from ADA to the university’s blockchain lab to advance its research.

The state of Wyoming is known to be very open to cryptocurrencies. The state has already approved two crypto banks and has been chosen by Kraken and Ripple to develop certain activities.

Rumors about Harvard and Yale

The University of Wyoming wouldn’t be the only institution investing in cryptocurrency. Indeed, Harvard and Yale as well as other universities would quietly buy Bitcoin (BTC) through their endowments. The Ivy League’s endowments funds manage a total of $135 billion in assets. For example, the Harvard Endowment Fund is estimated to be worth $40 billion, making it the richest university in the world.

No information was shared on the percentage of allocation of these funds to cryptocurrencies , but it is likely a small fraction of their assets. Additionally, the entities involved did not officially confirm these revelations shared by CoinDesk in January 2021.