Some of the largest pension funds in the world are beginning to flirt with the idea of digital money and announce that they intend to invest a small percentage of their assets in cryptocurrencies or companies operating in them.
While international organizations stress the need for an effective mechanism to supervise and regulate the cryptocurrency market, the Australian Queensland Investment Corporation (QIC) and the Canadian Caisse de Depot et Placement du Quebec (SCPQ) have announced that they are discussing investments in the wider industry.
These moves, though conservative, reflect the extent to which cryptocurrencies receive despite their large fluctuations or their use to pay ransom in cyberattacks.
The Announcement Made by Canada’s Second-Largest Pension fund
The SCPQ, Canada’s second-largest pension fund with assets of $300 billion, announced it will participate in the West Cap Investment Fund that leads a funding round for Celsius Network, one of the largest trading platforms in the U.S.
In fact, the Celsius Network is being investigated by the US authorities to determine whether it has violated the rules of securities trading.
The SCPQ stressed that the move revolves around blockchain technology, which is the backbone of cryptocurrencies and is believed to lead to a more efficient operation of industries such as logistics and healthcare provision.
The QIC, which is the fifth-largest pension fund in Australia with assets of almost €70 billion revealed to the Financial Times that he would consider investing in cryptocurrencies in the future.
“Right now there is uncertainty on several fronts and the operational infrastructure for institutional investors has not matured,” Stewart Simmons told the British newspaper.
Last month, two U.S. pension funds Fairfax County Police Officers Retirement System and Fairfax County Employees’ Retirement System announced that they are planning investments in cryptocurrencies.
