It is time for Dutch banks, pension funds and financial institutions to broaden their horizons, otherwise they will be overtaken left and right. Australian pension fund Rest Super announced during the general membership meeting that they want to use part of their funds for cryptocurrency.
Business Insider writes that it concerns a reallocation of the portfolio.
Share of money in crypto
Rest Super is one of the very first major pension funds in the world to conduct research into investing in cryptocurrency. Speaking at the meeting, the company’s chief investment officer said that while the sector remains volatile, the fund will still move a small amount of money into it.
The fund’s managers told Business Insider that they are not looking for long-term exposure to the market and have decided to invest for the medium term. They hope that this will be enough for the pension fund of 60 billion euros.
Step in the right direction
The fund is currently exploring the sector by examining different asset classes and will make a final investment decision later, said fund manager Andrew Lill. In addition to researching investment options, Lill said the fund is still dealing with safety and regulatory aspects.
Large funds from Australia and other countries (not the Netherlands) seem to be increasingly entering the crypto market due to the good performance and rising prices. See this decision by the fund as just one step towards greater market adoption.
Australia makes itself heard
More and more hopeful sounds are coming from Australia. The Australia’s largest bank will soon allow customers to buy, sell and hold cryptocurrency directly from them through the app. Commonwealth Bank is the first bank in Australia to offer this and the app has 6.5 million users.
The pilot program will be rolled out in the coming weeks, giving customers access to 10 cryptocurrencies, including Bitcoin, Ether, Bitcoin Cash and Litecoin. Further features are expected to be added in 2022.
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