Queensland Investment Corporation (QIC), Australia's fifth-largest pension fund managing nearly $70 billion worth of assets, is reportedly open to investing in cryptocurrencies in the future.
Stuart Simmons, QIC's head of currencies, told The Financial Times in a report published Thursday that large pension funds will likely seek out exposure to crypto as the space matures in terms of regulation and infrastructure.
"Right now there are a number of uncertainties, and the operational infrastructure for institutional investing remains immature," said Simmons. "As the framework continues to develop, super funds may eventually simply be responding to user demand by facilitating investment in crypto."
Earlier this week, Canada's second-largest pension fund, CDPQ, also bought into the crypto space. It co-led a $400 million funding round for crypto lending platform Celsius Network.
Last month, two U.S. pension funds, the Fairfax County Police Officers Retirement System and the Fairfax County Employees' Retirement System, were also reportedly planning to invest in crypto, pending board approvals. They were planning to make a combined $50 million investment in Parataxis Capital Management's main fund, which buys various cryptocurrencies and trades crypto derivatives.