Rest Super, a superannuation Fund based in Australia, has announced it will invest in cryptocurrencies. This move will make it the first investment fund in Australia to have such an investment.
Rest Super has over $46.8 billion worth of assets under management, and it has around 1.8 million members. Rest Super is a retirement account that is compulsory for all employees in Australia.
Rest Super to invest in crypto
Speaking during the firm’s annual general meeting, the chief investment officer of the retirement fund, Andrew Lill, stated that crypto assets were starting to be an “important part” of its investment portfolio. However, Lill noted that the fund would proceed carefully on this matter.
“It’s still a very volatile investment, so any allocation exposure we make to cryptocurrencies is likely to be part of our diversified portfolio as initially a fairly small allocation that may, over time, build,” Lill noted.
Lill also noted that crypto assets and blockchain technology could derive value for its members. He also mentioned the use of cryptocurrencies as a hedge against inflation, stating that they make for a “good place to invest.”
Other investment funds are not looking into crypto
The remarks by Rest Super are different from an earlier statement by Australian Super, a $167 billion fund. The CEO of this fund, Paul Schroder, stated that it did not view cryptocurrencies as an investible option for its members.
In October, Queensland Investment Corporation denied claims that it was looking towards crypto investments. The firm stated that reports on this matter were “incorrectly implied ” It denied any moves to adopt digital assets.
The recent remarks come as the Australian crypto market witnesses a bullish trend. Last month, an Australian Senate Committee proposed several recommendations to regulate the crypto sector.
Moreover, one of the largest banks in Australia, the Commonwealth Bank of Australia, announced that it would start offering crypto services through its banking app. This week, the CEO of the bank, Matt Damon, stated that while there was a risk in crypto investments, the bigger risk came from missing out on the opportunities of this sector.
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