First Pension Funds Investing in Crypto — a Sign of Things to Come?

Positive moves are being made for investor sentiment in the cryptocurrency space despite a year-long bear market. This comes after $40 million was raised by cryptocurrency investment firm Morgan Creek Digital, which is headed up by its founder, Anthony Pompliano. The crypto-focused hedge fund is part of Morgan Creek Capital, which manages over $1 billion in assets. While the capital raised isn’t record-breaking, the move garnered interest because a portion of the funds come from two of three benefit plans from Fairfax County’s Retirement Systems (FCRS) in the state of…

Fairfax County Pension Funds Invested $21 Million in Blockchain Technology

Fairfax county of the United States state of Virginia, has invested $21 million in Morgan Creek Blockchain Opportunities Fund, according to an official note published on Feb. 13. Jeff Weiler, Executive Director at Fairfax County Retirement Systems, clarified the terms of recent investments in Morgan Creek Digital that reportedly amounted to $40 million. The statement’s aim was to qualm pensioner concern over the recent investment, as some were worried that their pensions could be lost due to volatility in cryptocurrency markets. In this context, Weiler explained that the county has…

In Industry First, Crypto Asset Manager Morgan Creek Raises Money from Pension Funds

The $40 million investment fund of Morgan Creek will major focus on crypto investments along with other blockchain startups and token-based projects. On Tuesday, February 12, Morgan Creek became the first company in the crypto sector to secure massive funding from pension funds, reports Bloomberg. Two separate pension funds of Virginia’s Fairfox County will be pouring investment into the Morgan Creek Blockchain Opportunities Fund. These two funds include the Employees’ Retirement System and Police Officers’ Retirement System. Cryptocurrency asset management company Morgan Creek has been working since long to drive institutional participation in…

Morgan Creek Digital Secures $40M Backing from Public Pension Funds

According to Bloomberg, renowned digital asset firm Morgan Creek Digital has successfully closed a new $40 million blockchain-specific venture capital fund. It has done this because of major contributions from two US public pensions. Initially, the venture looked to raise $25 million. Morgan Creek Digital Backed by finance behemoth Morgan Creek Capital, Morgan Creek Digital is a hedge fund. The new venture—called the Morgan Creek Blockchain Opportunities Fund—has been created specifically for investment into the digital asset space. Pension Plans The two pension plans are based in Virginia. They are ‘anchor investors’ in the new…

Law changes on pension cold calling

Cold calls about pensions are now illegal in some circumstances following a change in the law. Unsolicited calls are the most common method for companies who operate pension scams to contact people and new legislation introduced by the government from 9 January aims to tackle this. ICO Investigations Manager, Andy Curry, said: ”These calls cause untold misery to thousands of people and we are pleased that the law now offers greater protection to stop them being scammed out of their hard-earned pensions by unscrupulous operators. “The ICO has powers to…

Venezuela Converts Pension Bonuses into State-Issued Crypto Petro

Venezuela has automatically converted pensioners’ most recent monthly bonus into its national oil-backed cryptocurrency, the Petro (PTR), according to a report from English-language politics blog Caracas Chronicles Dec. 12. First launched as a pre-sale in February, the controversial Petro has been in circulation as one of Venezuela’s two official currencies as of August 20: the second being a rebranded fiat currency, the Bolívar Soberano (Sovereign Bolivar, or Bs.S.), which is indexed to the Petro. According to Caracas Chronicles, pensioners’ recent government payouts Dec. 7 arrived initially in Bs.S. to pensioners’…

Russia’s Pension Fund Eyes Blockchain to Prevent Labor Abuse

Russia’s FIU pension fund will use blockchain technology to integrate all of its information into a distributed registry and will prepare proposals to integrate all systems into a single platform, according to Izvestia. The fund believes it will cut costs for servicing and storing significant amounts of data. The technology will also provide more transparency to labor relations agreements and help protect workers from having their rights violated by negligent employers, which experts have cited as a pervasive problem. Data to Move to Distributed Databases The FIU currently houses employers’…

Russian State Pension Fund to Use Blockchain for Employment Contracts

The Russian state pension fund (PFR), the country’s largest social service, has recently suggested implementing blockchain technology in labor relations, local news outlet Izvestiya reports Wednesday, August 29, citing the organization’s press center. The fund plans to introduce smart contracts to be used as employment contracts between employers and employees. Such agreements could be made in any of the numerous state units providing public services — the net that reportedly covers up to 97% Russia’s population. Officials told reporters that they hope blockchain technology as it would be used in…

Bank of Montreal, Teachers’ Pension Fund Trial Canadian Dollar Debt Deal via Blockchain

The Bank of Montreal and Ontario Teachers’ Pension Plan have tested a Canadian-dollar debt deal using blockchain, Bloomberg reports August 15. In the pilot transaction, the bank is said to have sold $250 million Canadian dollars (around $190 million) of one-year floating rate deposit notes to the teachers’ pension fund, implementing blockchain tech to mirror the transaction. This is reportedly the first use of the technology for a Canadian dollar “fixed-income issue.” Bloomberg notes that the Bank of Montreal’s BMO Capital Markets unit has built a prototype blockchain-based settlement system,…