Morgan Creek Digital has acquired $40 million in funding from backers that include a couple of major pension funds.
This is according to a report from Bloomberg on February 12, claiming a statement from the firm.
Morgan Creek Digital, which introduced its Digital Asset Index Fund in August 2018, secured the funding from two of the three benefit plans from the Fairfax County Retirement Systems.
The new venture capital fund is dubbed the Morgan Creek Blockchain Opportunities Fund and is said to be concentrated on investing in the digital asset industry.
The initial cap for the investment was established at $25 million, but surged upwards because of the level of interest, The Next Web reports, citing the firm’s CEO, Anthony Pompliano.
The agreement with the two funds came before the start of the year, when Pompliano published a blog post about the practicality of Bitcoin (BTC) in the pensions sector.
“The fundraising for this fund didn’t happen overnight, so it definitely took place before that article was written,” he was quoted as saying to the publication.
Things have been vague about the full investor deck in the most recent round. Bloomberg quotes the chief investment office of one of the Fairfax pension funds as indicating a similar belief in Bitcoin’s potential.
“It will take time for pension funds to get comfortable with investing in Bitcoin. We need to educate multiple stakeholders and demystify this nascent industry,” Pompliano wrote in his blog post.
“When one makes the decision, it will create a cascading effect that leads to hundreds of them jumping in,” he added.
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