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2 U.S. Public Pension Funds Invest In $40 Mln Crypto Venture-capital Fund

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Two public sector pension funds in Fairfax County, Virginia, have made the lion's share of their investment in a new $40 million cryptocurrency venture-capital fund.

The Fairfax County Police and the Fairfax County Employees' pension plans are said to be the first to invest in crypto asset from a U.S. pension fund.

Other entities that provided fund-raising support for the Morgan Creek Blockchain Opportunities Fund include an insurance company, a hospital system, a university endowment fund and a private foundation.

The portfolio has 14 investments so far, said Anthony Pompliano, the founder and partner at Morgan Creek Digital.

The fund will invest in companies focused on building blockchain solutions and hold a small percentage in cryptocurrencies like Bitcoin.

He said on Twitter that he believes every fund, regardless of strategy or industry, should have direct Bitcoin exposure.

"We chose to focus on investing in the equity of companies because it gave the institutions exposure to the crypto industry, while being less risky than simply buying liquid crypto assets," Pompliano tweeted.

According to him, Bitcoin has the potential to save the US from its impending pension crisis.

"We haven't tried this in past, so this was the first venture capital fund we tried to raise, and are quite happy with the results," Hard Fork quoted Anthony "the Pomp" Pompliano as saying.

The South Korean National Pension Fund is the first public pension fund in the world to have invested in cryptocurrency.

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