Authorities Of US County Fairfax Invest $21 Million In Blockchain Fund
The authorities in Fairfax County, Virginia, have invested $21 million in the Morgan Creek's Blockchain Opportunities Fund. The respective announcement was published on the official website of the county administration.
The Fairfax County's Employee Retirement System (ERS) invested $10 million that constitutes 0.3% of all the organization's assets, and the Police Officer Retirement System (PORS) invested $11 million or (0.8%).
Such investments have caused concern among many pensioners since the crypto sphere and blockchain are closely connected. Given the volatility of the crypto market, retirees were afraid of losing their savings.
Jeff Weiler, Executive Director at ERS, had to explain the intention of such investments. He stated that the district had made contribution not in crypto assets, but in the development of blockchain technology. Morgan Creek allocates 85% of its reserves to the development of tech companies that work on distributed ledger.
Weiler emphasized that maximum 15% of funds will be allocated for digital assets, however, at present the fund is not exposed to any cryptos. The organization aims to develop digital identification systems and documents, personal data verification during voting, managing and keeping medical data, etc.
The head of the pension organizations also stressed that the Morgan Creek blockchain fund is managed by Morgan Creek Asset Management, the capital of which is estimated at $1.4 billion.
Earlier, Anthony Pompliano, Morgan Creek's founder, stated that all financial products will be transferred to blockchain in the coming years.