- Virginia pension fund, worth $6.8 billion, approved
- The amount will be used for investments of $70 million
Due to the crypto lending crux explosion, now everyone is shocked. That has not discouraged Fairfax County Retirement Systems from continuing to work in the industry. The country’s pension fund of around $6.8 billion has been approved for $70 million investments in two crypto yield farming funds.
The breakthrough came after a month after two retirement systems. One is the Fairfax County Employees Retirement System, and the second is the Fairfax County Police Officers Retirement System. It announced investing an encouraging $35 million in Parataxis Capital’s digital performance fund and a new VanEck finance income fund.
In the last two months, destructive events in the cryptocurrency industry have demolished the value of crypto assets by more than 50%. Investment director for the Fairfax County Police Officers Retirement System, Katherine Molnar, revealed that the main fund investments in the market increase by 350%. The official also mentioned that “things will overcome and powerful technologies are likely to live”.
READ ALSO – Avalanche Price Analysis: AVAX Coin Trades in the Triangle Pattern; Will it reach $30-Resistance?
Words by Katherine Molnar
In an interview with the Financial Times, the officer said:
“Some of the returns you can get in a yield farming strategy are certainly fascinating because few people have taken that back. For those who still want to give liquidity, decent profit seekers, they can certainly also get more attractive returns at the same time.
The organizational area’s encounter with the digital asset space dates back three years, when the country’s police department invested money in a portion of its pension fund in Bitcoin and blockchain technology.
Jeff Weiler, CEO of Retirement Systems, is unperturbed by the huge ups and downs of the market and stated that all investments are associated with some risks, while adding that trading crypto can deliver solid profits.
The fall of crypto companies
Crypto lending firms began to unravel after the collapse of the Terra ecosystem algorithmic stablecoin, UST, along with Luna (currently known as Luna Classic).
It was the event that actually kicked off the beginning of a “crypto winter,” and then spawned an industry-wide bounty that accompanied a series of bank-run-style abolition of platforms.
Three arrows capital, a cryptocurrency hedge fund, was the first to give in, as it attracted a number of investors. Voyager later filed for bankruptcy, leaving its investors powerless to recoup any of the investments they held in the platform. One more example of this type of case is Celsius. The company also went bankrupt.