Crypto Three Things (8/5)

Friday, Aug 5th 2022

Commentary

Pension fund yield farming, Voyager to return $270M, Instagram 🤝 NFTs

"Life is a succession of lessons which must be lived to be understood." -Ralph Waldo Emerson


1) Virginia pension fund eyes crypto lending: Fairfax County Retirement Systems, a Virginia-based $6.8B pension fund, is betting $70M on two crypto lending companies. The fund expects to boost its returns by lending digital tokens to crypto projects and profiting from the generated yields. The Fairfax System has a short history with crypto – in 2019, it invested $21M in a digital-asset VC fund.

Titan’s Takeaway: We saw how the promise of high and steady returns, even in a dollar-pegged token, toppled the entire crypto industry. As the fallout still reverberates, we hope the pension fund did extensive due diligence. 

2) Voyager to return $270M in cash deposits: The U.S. Bankruptcy Court in New York ordered Voyager to allow access to its custodial account, which held roughly $270M at the time the firm filed for bankruptcy. For now, only one-fifth of the original $1.1B loan obligations will be returned to clients. Voyager is currently in talks over a potential acquisition with an undisclosed buyer.     

Titan’s Takeaway: Even though it is only a portion of the entire amount owed to creditors, the sum should alleviate some concerns, and perhaps a potential buyer could take care of the rest.  

3) Instagram adds NFT support to 100 countries: Non-fungible tokens are swarming Instagram worldwide after Meta CEO Mark Zuckerberg announced the international expansion. Thanks to the Flow blockchain powering the new feature, Instagram users can now showcase their NFTs on their main feed, in stories, or through messages.

Titan’s Takeaway: Instagram supporting NFTs is a natural progression of Meta’s Web3-focused evolution and another push to stay relevant and competitive.

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