The cryptocurrency venture fund raised $ 40 million from pension funds

Venture capital firm Morgan Creek Capital has launched a cryptocurrency-oriented fund and raised $ 40 million under its operations. It is noteworthy that the main investors were public pension funds.

This was our new public pensions.

The institutions aren't coming.

They're already here. ?

– Pomp ? (@APompliano) February 12, 2019

Thus, funds for the management of the capital of police ($ 1.45 billion) and other government officials ($ 4.25 billion) in Fairfax County, Virginia, supported the Morgan Creek Blockchain Opportunities Fund. Other investors include a university fund, a hospital network, an insurance company, and another private foundation.

Morgan Creek's new $ 40M blockchain venture fund is backed by two public pension funds. @APompliano for the full scoop: https://t.co/Z4Y054I1MD

– Hard Fork (@HardFork) February 12, 2019

“As far as I know, no one [in the cryptocurrency industry] has yet attracted funding from public pension funds ,” said Anthony Pompiano, founder of Morgan Creek.

The new fund will focus on seed rounds for cryptocurrency startups, but in some cases will invest in projects based on native tokens. At the same time, the fund will also hold a small portfolio of digital assets.

It is worth adding that the Morgan Creek Blockchain Opportunities Fund has already concluded deals with Coinbase, Bakkt, BlockFi and TrustToken.

Earlier, Morgan Creek offered to critics of digital assets a bet of $ 1 million: the firm is convinced that cryptocurrencies will surpass the dynamics of the S & P 500 stock index over 10 years.

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