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08.12 - 12:29
Australia's Rest Super retirement fund to invest in crypto for its 1.8M members
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Australian superannuation fund Rest Super is set to become the first retirement fund in the country to invest in cryptocurrencies.
The fund has more than $46.8 billion worth of assets under management (AUM) and around 1.8 million members. Superannuation is the equivalent of a 401k or Individual Retirement Account in the U.S. and is compulsory for all employees. Until now the $2.4 trillion sector has been extremely cautious about cryptocurrency.
During Rest Super’s annual general meeting on Nov. 23, the firm’s chief investment officer Andrew Lill told members that the company sees digital assets as an “important part” of its portfolio moving forward but will proceed “carefully and cautiously,” noting that:
Lill went on to add his view that
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