The State of Wyoming Appropriates $4M to Staking Program for At Least 3 Cryptocurrencies
The state of Wyoming continues to drive cryptocurrency adoption, and the latest development in the area is creating a cryptocurrency staking program, advisory council, and appropriating $4 million towards it.
As per the latest Bill HB0001 regarding the increasing or decreasing the existing appropriations for the operation of state government for the period of July 1, 2020, and ending June 30, 2022, the University of Wyoming Cryptocurrency Staking Program has been introduced.
The bill appropriates four million dollars ($4,000,000) from the strategic investments and projects account to the University of Wyoming to operate and maintain nodes and staking pools for at least three publicly tradable cryptocurrencies.
Interestingly, the second-largest cryptocurrency Ethereum is currently underway to be fully shifted from proof-of-work (PoW) to proof-of-stake (PoS), and already 4,026,082 ETH, worth $10.68 million, have been deposited in ETH 2.0 for staking.
The university has to provide public access to the staking pools and nodes and facilitate the operation of the blockchains.
All the fees and revenues generated from this operation will cover any costs of operation and administration. Any excess shall be deposited in the strategic investments and projects that will be used to support blockchain programs and activities at the university and community colleges in the state.