Virgina Pension Fund Invests $70M in Crypto Lending
The blow-up of the crypto lending crisis this year sent shockwaves across the sector. That hasn’t deterred Fairfax County Retirement Systems’ attempt to plow deeper into the space. Fairfax County’s pension fund, worth $6.8 billion, received approval to pour in investments of $70 million across two crypto yield farming funds.
The catastrophic events in the last couple of months pulled down the valuation of crypto-assets by more than 50%. However, Katherine Molnar, a chief investment officer of the Fairfax County Police Officers Retirement System, revealed that the fund’s original investments in the market are up by 350%. The exec also said that “things will bounce back, and stronger technologies will probably survive.” Celsius is yet another crypto lender that is currently in bankruptcy proceedings.