US Pension Funds began to Invest in Crypto for the First Time
Two pension funds registered in the United States have become anchor investors in the newly created $40 million venture capital fund of Morgan Creek. For the first time in the history of cryptocurrency, an institutional pension fund has entered the market.According to Bloomberg, two pension funds from Fairfax County, Virginia, decided to start investing in cryptocurrency and entered the venture fund of Morgan Creek. The university, the insurance company, and the private organization also participate in the fund. Morgan Creek did not disclose details of these companies.
Katherine Molnar, the chief financial officer of one of the pension funds, stated that the blockchain technology behind cryptocurrency represents “opportunities” and “attractive return.”
According to Morgan Creek, the newly-established fund will invest in blockchain companies. The fund also plans allocation a small share of investment in liquid cryptocurrencies, like bitcoin.
“There’s a belief in the institutional world that if the industry will be around for a long time, it will be very valuable,’’says Anthony Pompliano, the founder of Morgan Creek.