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Fairfax County commits $35 million to VanEck crypto lending fund

By arranging short-term loans to digital asset entities, VanEck’s New Finance Income Fund offers investors high-yield income exposure to cryptocurrencies.

The VanEck cryptocurrency lending fund, linked to two retirement systems in Fairfax County, Virginia, has received $35 million from two retirement systems. There has been extensive experience in the digital asset industry within the administrative region since a few years ago the pension fund of the Police Department invested in blockchain technology and then later displayed intentions to introduce crypto investment managers to the region.

Previously, Fairfax County had hinted at its intention to foster yield farming in the blockchain space as part of its progressive attitude toward the space as part of its progressive attitude towards decentralized finance (DeFi). With effect from 2018, the county has begun investing a small portion of the money it holds from its retirement system and from the police officers’ retirement into various cryptocurrency companies and ventures.

VanEck’s New Finance Income Fund, as described on the company’s website, offers investors high-yield income exposure to cryptocurrencies through short-term lending arrangements with digital asset entities. According to the firm, the fund’s feature provides investors with a simplified approach to crypto and a high-yield income option.

A recent press release announced that two retirement systems in Virginia Fairfax County Employees’ Retirement System and Fairfax County Police Officers’ Retirement System have invested in the product as the latest investors. An initial tranche of $35 million was transferred by them collectively.

The county of Fairfax has been slowly increasing its funding into the cryptocurrency space, committing funds toward a total of seven cryptocurrency fund allocations. As part of this allocation, a hedge fund intends to take advantage of market volatility by leveraging yield farming, basis trading, and exchange arbitrage opportunities in an attempt to earn money.

In a previous update, the County disclosed that its retirement systems had invested $10 million and $11 million, respectively, into Morgan Creek’s Blockchain Opportunities Fund.

This capital allocation is less than 1% of the total assets under management of both funds, and is part of a gradual assessment of the investment potential in this class of alternative assets by the county. A portion of Virginia’s Police Department’s pension fund was invested in bitcoin and blockchain technology three years ago. Director Jeff Weiler noted that despite the volatile nature of the crypto market, there are some risks involved in investing. As part of its efforts to further diversify its asset allocation, the Fairfax County Police Department’s pension fund decided to hire cryptocurrency investors earlier this year.


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