Fairfax County in Virginia has continued to be quite a prominent public institutional investor in the space of cryptocurrency.
In fact, the county is almost set to diversify the portfolio that it manages with a move into the much-vaunted yield farming. As reported previously, VanEck, the global asset managers, recently announced that the Employees’ Retirement System and Police Retirement System of the County will be investing a sum of $35 million into the crypto lending fund of the firm.
This has turned out to be the latest investment move by the two county-run funds in the space of cryptocurrency ever since the original foray began all the way in 2018. When Cointelegraph reached out to Andy Spellar, the Chief Investment Officer of the Employees’ Retirement System of the County to unpack their investment in the crypto lending fund of VanEck- along with the reasoning behind it.
Fairfax County Has Enabled Yield Farming
When asked, Spellar did confirm that the Employees’ Retirement System for Fairfax County had committed around $25 million to the fund while the Police Officers’ Retirement System had pledged close to $10 million. This investment is supposed to take place between the months of July and September this year, which would also depend on the prevalent market conditions. One of the first tranches has already been received by VanEck, with the CIO stating that the ERS, as well as the PORS, have invested around $10 million and $5 million respectively, for the month of July.
This move by Fairfax County is definitely good news for the space of cryptocurrency, which is currently going through a severe downturn alongside most of the conventional stock markets around the world. The DeFi sector has arguably suffered the most from this downturn, with the collapse of Terra creating a butterfly effect throughout the space.