Australian Super Rest Retirement Fund To Invest In Cryptocurrencies
Australia remains outstanding with its increased swing and adoption
of cryptocurrencies by the populace. Despite its volatility, the
popularity of digital assets has triggered more investment moves
towards this financial asset. Joining in the train of crypto
investment within the country is the Retail Employees
Superannuation Trust (Rest Super). By its indication to invest
superannuation fund in cryptocurrency, the Australia Rest Super
will be the first of its type to do so. Before now, the entire
retirement fund sector has been careful with cryptocurrency.
Related Reading | SEC Takes Blow In Action Against Ripple,
Will It Impact XRP Price? With about 1.8M members, Rest Super
fund’s assets under management (AUM) are worth $46.8 billion.
However, superannuation is mandatory for all Australian employees.
It has an equivalence of a U.S. Individual Retirement Account or
401k. Speaking on Tuesday during the annual general meeting of
Super Rest Fund, Andrew Lill, the company’s Chief Investment
Officer (CIO), acknowledged the volatility of such crypto
investments. However, he said that their allocation to the
investment is a part of diversifying their portfolio. The CIO
mentioned that the company considers cryptocurrencies an important
investment aspect and will exercise caution in its move. However,
he stated that his opinion is that the investment introduces
members to digital assets and blockchain technology. Hence, they
could access a stable source of value within a period where people
stick more to crypto investment to combat fiat currency inflation.
Furthermore, another statement from a Rest spokesperson explained
that the firm considers cryptocurrencies as a diversifying means of
its members’ retirement fund. But, the plan may not be a direct
investment. In addition, the spokesperson confirmed that the
company is still doing its research before its final decisions.
Also, they are focusing on both the regulations and security
involved in crypto investment. Investment In Cryptocurrencies To
Strive In The Country Contrasting comments are coming within the
week to the ones from the Australian Rest Super. On Monday, Paul
Schroder, the Chief executive of the $167 billion funds, stated
that crypto is not an investment option for their members. Reports
from last month revealed that Queensland Investment Corporation
(QIC), an investment fund owned by the state, is considering
embracing cryptocurrency. But, contrary to that, the company, this
week, disclosed to Business Insider the implication of the reports.
Hence, it piped down all moves towards digital assets.
Cryptocurrency market notices upward trend | Source: Crypto Total
Market Cap on TradingView.com The Head of Currency at QIC, Stuart
Simmons, said he wants superannuation funds to embrace
cryptocurrency. However, the move is likely to be a gradual
trickling instead of a massive flow. The entire deliberation on
Australian superannuation funds is happening within the period of a
bullish trend in the country’s crypto market. This is after the
Senate committee brought up some regulatory proposals within
October. Related Reading | XRP Builds Momentum With 7%
Increase As Ripple Launches New ODL Partnership It catalyzes
pushing the country as a focal point in crypto transactions. Also,
the Commonwealth Bank of Australia (CBA) intends to offer
cryptocurrency trading earlier in the month through its banking
app. As more cryptocurrency adoption is expected in the country,
Matt Comyn, the CEO of CBA, commented on the bank action this week.
The CEO explained that participation in digital assets is motivated
by FOMO. He said that though there are risks to their involvement,
there will be more significant risks with their non-participation.
Featured Image: Pixels | Charts by TradingView
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