Fairfax County highlights the value in the 'short-term nature' of yield farming
Virginia’s Fairfax County continues to be a prominent public institutional investor in the cryptocurrency space and is set to diversify its portfolio with a move into yield farming.
As previously reported, global asset managers VanEck announced that the Fairfax employees’ and police retirement systems will invest $35 million into the firm’s crypto lending fund. It’s the latest investment move by the two county-run funds in the cryptocurrency space since their original foray began in 2018.
Cointelegraph reached out to Andy Spellar, the chief investment officer of Fairfax's employees' retirement system, to unpack their investment in VanEck's crypto lending fund and the reasoning behind it.
Spellar confirmed that the employees' retirement system (ERS) had committed $25 million to the fund while the police officers' retirement system (PORS) had pledged $10 million. The investment will take place between July and September this year, depending on market conditions.
An initial tranche has already been received by VanEck, with Spellar revealing that the ERS and PORS have invested $10 million and $5 million, respectively for the month of July.
The move is certainly good news for the cryptocurrency space, which is currently enduring a severe downturn alongside conventional stock markets worldwide. The Decentralized Finance (DeFi) sector has arguably suffered the most, with the collapse of algorithmic stablecoin Terra causing a cascading effect throughout the space.
Related: Survey shows 55% of crypto investors chose to HODL as Bitcoin and altcoin prices collapsed
As the wider cryptocurrency ecosystem weathers the storm, investment schemes and funds like Fairfax County’s ERS and PORS continue to see the value offered by the sector, as
Read more on cointelegraph.com
