A county in Virginia, Fairfax County, plans to use pension funds as investments in two cryptocurrency funds that employ yield farming. Hopefully, a conclusion will be reached soon, and if allowed, this will be the first instance in which pension funds are used in DeFi investment.

Fairfax County To Invest In DeFi 

Reports from Bloomberg states that pension funds in the county of Fairfax, Virginia, are thinking about whether their money should be used to support cryptocurrency funds that engage in yield farming. There are about two particular cryptocurrency funds that are currently being examined for inclusion.

Although this change has not yet been authorized, the decision will be reached in the coming days. The announcement was made during the MIGC (Milken Institute Global Conference) in Los Angeles by the Chief Investment Officer of the county’s PORS, Katherine Molnar. 

Fairfax already has an investment in the crypto and blockchain industries. It invested the first pension funds in cryptocurrency in 2019 and got an estimated return of 9% on that investment. Fairfax’s cryptocurrency assets account for over 8% of the company’s entire portfolio value.

As part of the agency’s investment in the blockchain sector, Molnar wrote a message in which he announced the agency’s involvement with Morgan Creek Blockchain Opportunities Fund. The ERS (Employees’ Retirement System) has invested a $10 million investment, while the PORS (Police Officers Retirement System) has used over $11 million in investment.

As stated by Molnar, Fairfax saw the plan as an investment in the company’s development. The conventional financial institution is not the only one thinking of investing in the DeFi sector; Wall Street behemoths also consider it.

Jane Street Firm To Borrow Money Via DeFi

A trading platform, Jane Street, said on the 3rd of May that it would be borrowing cryptocurrency via DeFi. The goal is to acquire over $25 million worth of USDC, with the chances of increasing the said amount acquired to over $50 million.

The trading house will acquire the money from BlockTower Capital and will make use of the Clearpool Decentralized App to complete the transaction. As of yet, there is no information on what the monies would be utilized for. What is clear is that this decision by the trading business will be carefully scrutinized by the rest of the financial community on Wall Street.

A rush of additional borrowings from conventional companies might result, thereby increasing the rapid growth potential of DeFi even more. According to reports, ClearPool has talked with several other conventional Wall Street businesses to convince them to invest in the sector.

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