Two Fairfax County retirement systems, Virginia, have contributed $35 million to VanEck’s crypto lending fund. Since years ago, the administrative region has been involved in the digital asset sector. The Police Department pension fund invested into blockchain technology. Later, it announced its intention to add crypto investment managers.
New Investors Attracted to VanEck’s Lending Fund
VanEck’s New Finance Income Fund, as it is described on its website claims that it offers “attractive income for investors via short-term loans arrangements with digital asset entities.” It also claims its feature provides high yield income exposure to cryptocurrency and a simplified approach.
Two Virginia retirement systems, the Fairfax County Employees’ Retirement System and Fairfax County Police Officers Retirement System, are the latest investors in this product according to a press release. They collectively transferred a $35 million initial tranche.
It’s worth noting that Virginia’s Police Department had invested part of its pension fund three years ago in Bitcoin and Blockchain technology in general. Despite volatility in the sector Director Jeff Weiler stated that all investments have some risks and that crypto deals could lead to significant earnings.
Fairfax’s investment team determined, as with all investments, that the expected returns were comparable to the risk involved. This was also a major factor in deciding how much was invested.
The Fairfax County Police Department added cryptocurrency investment managers to its pension fund earlier this year.
VanEck’s Bitcoin ETF Ambitions
VanEck’s primary goal of launching an ETF in the United States is worth noting.
Over the years, the global investment manager applied for approval from the SEC multiple times. The regulator denied the applications each time citing investor protection and other obstacles.
VanEck, however, filed another request with the agency at the beginning this month. It stated:
“The only consistency outcome would be to approve spot Bitcoin ETPs, on the basis of the Bitcoin futures market being a regulated market with significant size that relates to the Bitcoin spot markets.”
Grayscale’s request to establish a Bitcoin ETF has been rejected by the SEC. The SEC will decide whether VanEck can operate on American soil between March 2023 and March 2023.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.