Major crypto asset investment firm, Morgan Creek Digital, led by Anthony Pompliano announced on Tuesday that it had raised $40 million in a venture capital fund that targets investment into blockchain and crypto-related companies.
This morning our team at Morgan Creek Digital announced a new $40 million crypto venture fund anchored by two public pensions.
The institutions aren’t coming.
They’re already here. 🚀
— Pomp 🌪 (@APompliano) February 12, 2019
Surprisingly, a large chunk of contributions to the venture capital fund came from two major U.S public pensions, namely – Fairfax County Police and Fairfax County Employee’s Pension Plans.
TNW also adds that other institutions such as an insurance company, a university endowment, a hospital system and a private foundation invested into the fund.
The new development is actually a milestone for the cryptocurrency industry despite the bearish market performance since the end of last year.
It arguably marks the first time that several public institutions are investing in the new industry and it likely should be the first of many within the next few months or years.
US Pensions hedge retirement through crypto and blockchain
Without a doubt, the latest development delivers a strong message to skeptics who may still argue that the cryptocurrency industry is a fad.
That a public pension fund primarily consisting of savings by U.S civil servants is investing in crypto can only give confidence that a brighter future awaits the space.
In an earlier post titled – Why every pension fund should invest in Bitcoin, Anthony Pompliano had highlighted how lowly returns mean that the future of retirees are not secure through their monthly savings.
Suggesting Bitcoin as an alternative seem to have paid off following the agreement of pension funds to put money into the fund.
In fact, the Morgan Creek Digital CEO revealed that they have invested “a material amount of the fund to date” with more likely to follow.
The cryptocurrency industry has long held that the entrance of institutional investors will bring a massive boost to the space and right now, it seems that is about to happen.Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.