Fairfax County, Virginia Gives $35 Mln to VanEck Crypto Lending Fund

Fairfax County, Virginia is investing a portion of its $35 mln allocation in the New Finance Income Fund, a lending crypto fund through VanEck, an asset manager. The firm announced that it has received an initial tranche of investment commitments from Fairfax County, which is allocating funds from two retirement systems to various cryptocurrency-focused investment avenues.

Fairfax County has previously hinted that it will delve into the world of decentralized finance (DeFi) and yield farming as part of its progressive take on the crypto space. Starting in 2018, the county began investing a small portion of the assets of its employees’ retirement system and the police officers’ retirement into various crypto companies and ventures.

According to the VanEck website, the fund lends fiat currency and stablecoins to borrowers in the crypto space. Targeting accredited investors, the fund offers high-yield income exposure to cryptocurrencies and requires an initial investment of $1 mln. The county previously released an update on its investments in the cryptocurrency and blockchain space. The employees’ and police retirement systems have invested $10 mln and $11 mln respectively in the Morgan Creek Blockchain Opportunity Fund.

Image: Crypto Economy