The asset manager Morgan Creek has announced a new crypto-focused fund with a $40 million investment driven by two public pensions — the Police Officer's Retirement System and Employees' Retirement System of Fairfax County, Virginia.
"This morning our team at Morgan Creek Digital announced a new $40 million crypto venture fund anchored by two public pensions," Anthony Pompliano, a Morgan Creek partner, tweeted. "The institutions aren't coming [to crypto]. They're already here."
Ahead of announcing an official strategy for leveraging blockchain technology more widely, the German government has opened a process for receiving recommendations around the technology from local companies and industry groups. Germany is Europe's largest economy and Berlin is home to numerous blockchain startups. The solicited recommendations could lead to official legislative action in the near future.
ICOs emerged quickly as a popular model for crypto startups to raise funds, exposure and customer interest. But the world of ICOs took a nasty turn in 2018, with many projects that used the model unable to deliver on their promises to investors or turning out to be downright phony.