Queensland Investment Corporation (QIC), Australia’s fifth-largest pension fund with nearly $70 billion in assets, is reportedly open to future investments in cryptocurrencies.
According to Stuart Simmons, QIC’s head of currencies, in a report published Thursday, large pension funds will likely seek exposure to crypto as the space matures in terms of regulation and infrastructure.
“Right now, there are a lot of unknowns, and the operational infrastructure for institutional investing is still in its infancy,” Simmons said. “As the framework evolves, superfunds may eventually simply be responding to user demand by facilitating crypto investment.”
CDPQ, Canada’s second-largest pension fund, also invested in cryptocurrency earlier this week. It was a co-lead in a $400 million funding round for the cryptocurrency lending platform Celsius Network.
Last month, it was reported that two US pension funds, the Fairfax County Police Officers Retirement System and the Fairfax County Employees’ Retirement System, were planning to invest in cryptocurrency, subject to board approval. They intended to invest a total of $50 million in Parataxis Capital Management’s main fund, which purchases various cryptocurrencies and trades crypto derivatives.