2 Public Pension Funds, Morgan Creek to Launch $40-M Crypto Venture in US
In a display of confidence on the cryptocurrency sector, Anthony Pompliano of Morgan Creek Blockchain Opportunities Funds has announced their plans to launch a crypto venture fund which will be backed by two pension funds.
It was revealed that the MCBOF is a partner of Morgan Creek Digital which is managed by investment giant Morgan Creek Capital Management.
In a tweet from Pompliano, he said:
“The institutions aren’t coming. They’re already here.”
The planned venture is said to be structured similar to a traditional VC fund that would invest on companies related to digital assets. However, it was also disclosed that the fund will be placing a small portion of the capital in cryptos.
Digital asset firms join the fray
Among the funds that were reported to be backing this venture are the Fairfax County Police and the Fairfax County Employees pension plans. There were also other unnamed parties that will participate in the VC including a private foundation, a hospital system, a university fund, and an insurance firm.
Previously, a number of digital asset companies has already received investments from Morgan Creek. These companies include: Good Money, Open Finance Network, Coinbase, Bakkt, Digital Assets Data, and CityBlock Capital.
This is not the first time Morgan Creek Digital has ventured into the crypto space. In August of last year, they introduced the Digital Asset Index Fund designed for endowments, pensions, sovereign wealth and other funds access.
On one of his posts in Medium, Pompliano stated that “every pension fund should buy Bitcoin.”
“It will take time for pension funds to get comfortable with investing in Bitcoin. We need to educate multiple stakeholders and demystify this nascent industry. When one makes the decision, it will create a cascading effect that leads to hundreds of them jumping in. Bitcoin has the potential to save us from the current pension crisis. We just need one or two courageous individuals to make the first move.”
(Jet Encila is a freelance writer, editor and photojournalist from the Philippines)
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Source: Bitcoin News