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- The pension fund of Virginia, worth $6.8 billion, got approved
- The amount will be got into investments of $70 million
Due to the explosion of the crypto lending crux, everyone is in shock now. That has not discouraged Fairfax County Retirement Systems’ strive from working further in the industry. The country’s pension fund of about $6.8 billion got approved to get in investments of $70 million over two crypto yield farming funds.
The progress came after a month after two retirement systems. One of them is Fairfax County Employees’ Retirement System, and the second one is Fairfax County Police Officers Retirement System. It publicized investing a cheering amount of $35 million in the digital yield fund of Parataxis Capital and a new finance income fund of VanEck.
In the past two months, the destructive events in the crypto industry have demolished the value of crypto-assets by over 50%. The chief investment officer of the Fairfax County Police Officers Retirement System, Katherine Molnar, disclosed that the major investments of funds in the market are raised by 350%. The officer also mentioned that “the things will overcome, and powerful technologies will likely live.”
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Words of Katherine Molnar
In an interview with the Financial Times, the officer said:
“A few yields you can get in a yield farming strategy are undoubtedly fascinating because few people have pulled back from that. For those, who still want to give liquidity, decent profit seekers, they can also undoubtedly earn more handsome yields at a time.
The organizational area’s meet with the digital asset space can be tracked down to three years back when the department of police of the country put money into a part of its pension fund in Bitcoin and blockchain technology.
Jeff Weiler, the executive director of retirement systems, is undisturbed by the enormous ups and downs of the market and stated that all investments are associated with some risks while adding that trading with crypto may bring solid earnings.
The downfall of crypto firms
The crypto lending firms started untangling after the breakdown of Terra ecosystem’s algorithmic stablecoin, UST, along with Luna (currently known as Luna Classic).
It was the event that actually lifted the beginning of a “crypto winter,” afterward blazing an industry-wide payoff accompanying bank-run style series of abolition from platforms.
Three arrows capital, a cryptocurrency hedge fund, was the first to yield as it pulled down several investors. Later, Voyager was filed for bankruptcy, which left its investors impotent to get back any of the investments they kept on the platform. One more example of this type of case is Celsius. The company also went into bankruptcy.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
