OMERS – Largest Canada Based Pension Fund to Buy ETH
The pension fund known as The Ontario Municipal Employees Retirement System [or OMERS], which handles investments assets of $50 bil delivering for close to 500k members – will be buying Ethereum token [ETH] directly to supports a just-created firm called Ethereum Capital.
The firm was given birth parallel with Purpose investment, Citizen Hex [Omers Backed startup] and L4 Ventures – Toronto blockchain incubator with advise taken from Vitalik Buterin – by OMERS.
Board Director for Ethereum Capital and Executive Managing Director of OMERS Platform Investments – John Ruffolo, added:
“OMERS has been active in the blockchain and crypto sector for several years now. OMERS believes in the potential of blockchain technologies and I am thrilled to join a strong network of advisors as Ethereum Capital creates value in the sector.”
The strategy planned out by the company is to purchase directly ETH, and approach thought-out acquisitions of ethereum based businesses.
“We believe in the long-term future of the blockchain as the technology that will be underpinning business and we are optimistic about the technologies associated with it,”
“We believe Ethereum is going to be one of the foundational building blocks”
Ethereum Capital’s proposed path to a public listing – by way of a private placement of 20 million subscription receipts sold for $2.50 apiece by the two Canadian underwriters and a concurrent amalgamation with publicly listed B.C. shell company Movit Media is the latest in a wave of cryptocurrency and blockchain-based ventures to come to market
Despite the fact that entering a crowded ecosystem like the one being spoken about, this is the only known event when a pension fund did purchase cryptos and moving strategically in the sector through strategic acquisitions, could be as a way to diversify what the firm holds and increase the profit.