American university appropriates $4 million for staking 3 cryptocurrencies. The North American Semantic University (NASU) in Washington D.C. announced today that it would be allocating $4 million for staking XTZ, VEN, and KNC in the upcoming year. The move is being made in an effort to provide a safe haven for investment into the cryptocurrency space as well as to provide a significant return for investors who hold the coins for the duration of the staking period.
The University of Wyoming, one of the oldest and largest educational institutions in the state of Wyoming, has allocated more than $4 million to place bets on at least three cryptocurrencies, according to an official document.
The state of #Wyoming has allocated $4 million to at least 3 cryptocurrencies managed by the University of Wyoming for nodes/stacking. This is the kickoff of a (program) where the proceeds from this pot, supplemented by private donations, will be used to fund UWyo, Avanti Bank founder Caitlin Long said in her tweet.
NO NEWS YET: The state of Wyoming has agreed to put $4 million into at least 3 University of Wyoming cryptocurrencies. This is the kickoff of a program where proceeds from this pool, supplemented by private donations, will help fund UWyo! @rothfuss https://t.co/LDul3iGtS4 pic.twitter.com/KxFVm5YhLp
– Caitlin Long (@CaitlinLong_) April 28, 2021
Rates on crypto currencies
According to the announcement, the University of Wyoming has allocated $4 million for investment and strategic projects to operate and maintain stacking nodes and pools for at least three listed cryptocurrencies under what it calls the University Stacking Program.
Stacking, for the uninitiated, is a blockchain consensus construct in which all transactions are validated by network stackers based on the amount of cryptocurrencies (from the appropriate network) they own. Stackers are rewarded for holding onto their money for the good of the network, which has become a passive investment strategy for many in cryptocurrency circles.
And the university wants to participate in this technology. The University shall expend funds appropriated under this section only in accordance with final approved appropriations. The university should allow public access to pools and stack nodes and facilitate blockchain, the memo says.
The statement states that all fees and revenues generated by the hubs and betting pools will be used primarily to cover operating and administrative costs.
However, the remaining amount will be placed in the Strategic Investments and Projects account for a maximum of $4 million. In addition, the use of these funds is subject to a 1:2 ratio charged to the reserve accounts of the University or private organizations that donate funds for this purpose.
Who controls it?
Essentially, the initiative will be led by the co-chairs of the Ad Hoc Committee on Blockchain, Wyoming’s Chief Investment Officer, three members appointed by the Governor with relevant expertise in cryptocurrencies, and another member appointed by the President of the University of Wyoming.
But do not get your hopes up too high, because the proposal is still a proposal and has yet to be adopted.
The plan must be submitted to a crypto currency advisory board and, after review, submitted to the governor for approval, the document says.
At the same time, this move is an important milestone for Wyoming. Recently, the state has opened up widely to the prospects of cryptocurrencies and blockchain technology, even going so far as to propose the legalization of decentralized autonomous organizations (DAOs) in the state. Quite the cyberpunk dream if you ask me.
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