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US Public Pension Fund for Firefighters Adds Bitcoin and Ether Worth $25 Million to Portfolio

US Public Pension Fund for Firefighters Adds Bitcoin and Ether Worth $25 Million to Portfolio

The $5.5 billion pension fund for the U.S. city of Houston’s firefighters has announced an investment in bitcoin and ether. “This investment marks the first announced investment in digital assets by a public pension plan in the U.S.”

‘A Watershed Moment for Bitcoin and Its Place in Public Pensions’

The Houston Firefighters’ Relief and Retirement Fund (HFRRF), the pension fund for the city of Houston’s firefighters, announced Thursday that it had purchased bitcoin and ether for the defined benefit plan’s portfolio. The announcement describes:

This investment marks the first announced investment in digital assets by a public pension plan in the U.S.

According to Bloomberg, the Houston Firefighters’ Relief and Retirement Fund has $5.5 billion in assets and it invested $25 million in bitcoin and ether. The investment was facilitated by the New York Digital Investment Group (NYDIG), a bitcoin investment arm of Stone Ridge Asset Management.

The HFRRF pension fund handles retirement benefits for more than 6,600 active and retired firefighters and survivors of firefighters. Active firefighters have contributed 9% of their salary to the fund since 2004, with the city of Houston contributing at least twice that amount.

“We are excited to take this first step forward into the world of digital assets,” commented Ajit Singh, HFRRF’s chief investment officer. He elaborated:

We have been studying digital assets’ transformative potential for some time … It became an asset class we could not ignore anymore.

He continued: “This investment expresses our belief in the disruptive potential of distributed ledger technology for the development and democratization of value accumulation through disintermediation.”

Singh was also quoted by Bloomberg as saying: “I see this as another tool to manage my risk … It has a positive expected return and it manages my risk. It has a low correlation to every other asset class.”

The HFRRF chief investment officer preferred to invest in coins directly, rather than taking on risk associated with futures-related investments. He explained: “We didn’t want to get the synthetic exposure. We decided to go directly to the token. As more and more institutional adoptions happen, there will be more and more dynamics that develop for supply and demand. And having physical assets — actual tokens — gives us in the future the possibility of income generation potential.”

Nate Conrad, global head of asset management at NYDIG, opined:

This investment represents a watershed moment for bitcoin and its place in public pensions. Fiduciaries are increasingly aware of how even a small allocation to digital assets can make a big impact over time.

Do you think more public pension funds will buy bitcoin and other cryptocurrencies? Let us know in the comments section below.

Nervos enters DeFi arena with ‘Yokaiswap,’ $70 million locked up on first day

Nervos today announced that “YokaiSwap,” a decentralized trading platform, is now live on the mainnet. YokaiSwap is the first decentralized exchange (DEX) built on Nervos, marking an important step for the network’s development as emerging projects begin building and launching decentralized apps (dApps) within the ecosystem. As DeFi continues to take off and crypto users::Listen

Nervos today announced that “YokaiSwap,” a decentralized trading platform, is now live on the mainnet. YokaiSwap is the first decentralized exchange (DEX) built on Nervos, marking an important step for the network’s development as emerging projects begin building and launching decentralized apps (dApps) within the ecosystem.

As DeFi continues to take off and crypto users move their assets from centralized exchanges to decentralized platforms, DEXs continue to see major growth. According to a new report from Chainalysis, the value on large decentralized exchanges (DEXs), like Curve, Uniswap, and PancakeSwap grew by about 550% from August 2020 to 2021.

DeFi on Nervos 

YokaiSwap brings a battle-tested codebase to the network but with unique farming and yielding solutions that leverage the speed and interoperability Nervos offers. Via the Force Bridge, Nervos’ cross-chain bridge, assets from other ecosystems can enter the network and be traded and paired for use on YokaiSwap.

As an Automated Market Maker (AMM), YokaiSwap enables users to easily and efficiently swap any whitelisted token on the Ethereum network—including ETH, WBTC, USDT, and USDC—with CKB interchangeably. Wrapped tokens from other chains, including ADA and BTC, will also be supported in the future.

The launch of YokaiSwap marks the first time users can move their CKB token assets on-chain and earn APY through incentive programs. Users can earn rewards on their deposited and traded assets via LP (Liquidity Provider) Token Farming and Single-Token Staking either by protocols fees and daily emissions. LPs are rewarded with the YokaiSwap DEX token, YOK.

“DEXs play a crucial role in DeFi, as they bring liquidity and earning opportunities to the community,” said Kevin Wang, co-founder of Nervos. “We’re excited to see the YokaiSwap team bring its project to the mainnet, as Nervos continues to welcome blockchain developers, projects, and enthusiasts to our growing ecosystem.”

On the heels of Force Bridge and Godwoken

YokaiSwap’s launch comes on the heels of Nervos releasing Force Bridge and Godwoken, Nervos’ Ethereum Virtual Machine (EVM) compatible Layer 2 blockchain, on the mainnet. The arrival of YokaiSwap is also expected to pave the way for other major DeFi players, such as Aave and Curve, to join the network in the future and provide even more opportunities and incentives for users.

YokaiSwap is one of the first projects to receive financial support from InNervation, a fund that aims to expand the Nervos Network and greater blockchain ecosystem by making investments in early and growth-stage startups building user-facing solutions with blockchain technology.

The Nervos Network is a collection of protocols and public blockchain aiming to solve the biggest challenges facing blockchains like Bitcoin and Ethereum today.

The post Nervos enters DeFi arena with ‘Yokaiswap,’ $70 million locked up on first day appeared first on CryptoSlate.

US Public Pension Fund for Firefighters Adds Bitcoin and Ether Worth $25 Million to Portfolio

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