Virginia state retirement systems invest in VanEck’s crypto fund

The total amount invested by the funds of Fairfax County’s police and employees amounted to $35 million

07.07.2022 - 12:00

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What’s new? Two retirement systems, the Fairfax County Employees’ Retirement System and the Fairfax County Police Officers Retirement System, in the state of Virginia, invested $35 million in VanEck’s cryptocurrency fund, New Finance Income Fund. The region already has a similar experience: three years ago, the Virginia Police Department invested part of the pension fund’s money in bitcoin and blockchain technologies in general. The agency noted that cryptocurrencies can generate significant returns despite market volatility.

VanEck’s press release

VanEck is one of the largest investment management companies. It was founded in 1955 in New York. As of May 31, the total amount of assets under management (AUM), including ETFs, was $78,3 billion. VanEck’s New Finance Income Fund was launched in December 2021, is available to accredited investors, and offers depositors income through short-term loan agreements with crypto companies.

Earlier, Katherine Molnar, the chief investment officer at the Fairfax County Police Officers Retirement System, reported that the authority was considering investing in two cryptocurrency funds that the service of yield farming. She said that the funds would be used to provide liquidity on decentralized cryptocurrency exchanges (DEX).

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