• Ontario Teachers’ Pension Plan (OTPP) – Canada’s largest single-profession pension plan – decided not to rush into another cryptocurrency investment following its bad experience with FTX.
• OTPP invested $95 million in the now-bankrupt exchange, which shrank that sum to virtually zero.
• CEO Jo Taylor said the organization will refrain from cryptocurrency investments due to the losses triggered by the FTX implosion and feedback from members.
Canada’s Largest Pension Fund Writes Off Crypto Investment
Ontario Teachers’ Pension Plan (OTPP) is Canada’s largest single-profession pension plan and it has decided not to rush into another cryptocurrency investment after its bad experience with FTX.
FTX Implosion Results In Financial Loss
The organization was among the prominent backers of the now-bankrupt exchange, investing $95 million. The dramatic crash, though, shrank that sum to virtually zero.
OTPP Refrains From Cryptocurrency Investing
Jo Taylor – Chief Executive Officer of the $190 billion pension plan – told the Financial Times that they will refrain from cryptocurrency investments due to losses triggered by FTX implosion and feedback they received from their members.
Previous Support Of FTX Exchange
OTPP has previously shown support toward FTX, making two separate investments in 2021 and early 2022 for a total of $95 million. Back then, the exchange was among the leaders in its field while the crypto market was in a bull run.
.While their investment accounted for less than 0.05% of their total assets, OTPP faced criticism (like many others) for dealing with a company whose future seemed uncertain at best
.