Bitcoin evangelist Anthony Pompliano says the institutions have arrived to cryptocurrency, after his digital asset firm signed two US pension funds.
“Blockchain technology is being applied in unique and compelling ways across multiple industries,” said Katherine Molnar, chief investment officer of Fairfax County’s police officer’s retirement system, in a press release.
“We feel it is important to be opportunistic and are excited to participate in this emerging opportunity, due to the attractive asymmetric return profile that it represents.”
Mr Pompliano believes it’s the first time a cryptocurrency venture fund has raised money from a public pension.
“The institutions aren’t coming. They’re already here!” Mr Pompliano proclaimed.
“A tonne of people worked their asses off to make this happen and it took some incredibly forward thinking capital allocators to have the courage to be the first.
“Couldn’t be more proud of everyone.”
It’s understood the fund will primarily make equity-based investments in start-up companies active in the blockchain space, but also smaller investments in security tokens and cryptocurrencies.
The fund’s investors also include a hospital system, a university endowment and an insurance company.
“We’re investing in infrastructure companies with some small liquid crypto exposure,” Mr Pompliano said.