Recent investments by Fairfax totaling $35 million were made in the VanEck New Income Fund and Parataxis Capital, two multi-strategy digital asset investing companies.
In an effort to increase profits, a $6.8 billion Virginia pension fund made investments in cryptocurrency lending markets. The Fairfax County Retirement Systems is anticipated to start funding produce farming after receiving recent board of trustees approval. This is despite a decline in the overall cryptocurrency market.
Many people have refrained from investing due to the cryptocurrency industry’s downturn. Both institutional and ordinary investors have suffered significant losses in recent months. The early May $40 billion collapse of the Terra stablecoin served as a significant impetus for the market’s sharp decline. The cryptocurrency loan companies Celsius Network, Voyager, and the hedge fund Three Arrows Capital have all declared bankruptcy.
Katherine Molnar, the Fairfax County Police Officers Retirement System’s chief investment officer, explains:
Because some people have pulled back from that market, “some of the yields that you’re able to attain in a yield farming technique are incredibly enticing […] For those who are still prepared to provide money, reasonable profit seekers, the current returns are really more alluring.
Recent investments by Fairfax totaling $35 million were made in the VanEck New Income Fund and Parataxis Capital, two multi-strategy digital asset investing companies. This is despite the fact that the Celsius Network was obliged to suspend operations and file for bankruptcy, causing its Canadian equivalent Caisse de dépôt et placement du Québec (CDPQ) to suffer a $150 million loss.
Prior to showing interest in DeFi, the company made cryptocurrency investments in 2019 via the County Employees’ Retirement System’s and the Police Officers’ Retirement System’s respective investments of $10 million and $11 million into Morgan Creek’s Blockchain Opportunities Fund.
According to Andrew Spellar, Chief Investment Officer for Fairfax County Employees, “We began with venture capital and private equity.” But as we became more at ease in the field, we began to consider how we may be able to apply digital asset methods to other areas of the portfolio.
The funds believe that their investment would increase by 350 percent even in the event of an expected 50% loss owing to present market circumstances. “We remain persuaded by our first premise. The stronger technology will undoubtedly survive, and things will recover, said Molnar.
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