Canada’s largest pension fund CPP Investments (CPPI), which has $388 billion under its management, has abandoned its plans to invest in the cryptocurrency sector.
According to two people close to the issue who spoke to Reuters CPP Investments, He ended his search to invest in cryptocurrencies. Although the reasons behind CPPI’s abandonment of crypto research are not yet clear, the biggest reason for this is from the extremely volatile cryptocurrency market and Previously, two major pension funds in Canada lost serious money in this sector. thought to be caused by it.
According to official sources, the CPPI is approx. Manages $388 billion in assets for 20 million Canadians. CPPI formed a three-person team to research cryptocurrencies and blockchain-related businesses in early 2021 and stated that they wanted to transfer some of their funds to this industry.
CEO of CPPI Graham, in a speech in June, stated that they could invest some of their assets in cryptoassets with “real value”, but they are still in the research phase. It seems that the pension fund could not find the trust it was looking for in the crypto money industry and gave up on this search completely.
In the beginning of August One of Canada’s largest pension funds the one which… Caisse de Depot et Place du Quebec (CDPQ) bankrupt crypto loan platform Celsius Network because of 150 million dollars announced his loss.
on the other hand Canada’s third largest pension fund the one which… Ontario Teachers Retirement Plan (OTPP) in FTX located in 95 million dollars announced that they lost all of their investments. The total assets of this OTPP investment less than 0.05% that he represented.