Canadian pension plan CPP Investments has ended an effort to study crypto investment opportunities, Reuters reported, citing sources.
CPPI declined comment to Reuters but told the news agency it had made no direct crypto investments. It manages approximately $388 billion for 20 million Canadians and is the largest pension fund in Canada.
The pension fund's Alpha Generation Lab, which researches emerging investment trends, formed a team of three in 2021 to research crypto and blockchain based companies, Reuters reported. The team has since been redeployed to other areas.
The news comes as other Canadian pension funds have revealed exposure to crypto markets, with Caisse de dépôt et placement du Québec (CDPQ), which manages about $300 billion in assets, saying in August it wrote off $200 million of exposure to Celsius. The Ontario Teachers Pension Plan (OTTP) participated in crypto exchange FTX's $400 million Series A round in January 2021 and has written off its $95 million investment to zero.
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