• April 23, 2024

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US District Makes $35 Million Investment in VanEck’s Cryptocurrency Fund

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Two pension systems in Fairfax County, Virginia (USA) are investing $35 million in the VanEck cryptocurrency fund.

Investments in New Finance Income Fund are available to accredited investors. The fund generates income through stablecoin and fiat lending secured by digital assets.

The investment will involve the Officers’ Retirement Systems (ERS) and County Police Officers’ Retirement Systems (PORS).

These structures firstly invested in crypto assets in 2019, when they invested $21 million in total in the Morgan Creek crypto fund.

ERS investment director Andy Spellar has specified their stake in the VanEck fund will be $25 million. Funds will be transferred from July to September “subject to market conditions.”

According to him, the company has already received the first tranches from ERS and PORS of $10 million and $5 million, respectively.