As per reports, the Ontario Teacher’s Pension plan will not be investing in cryptocurrencies anymore, stated Cointelegraph.
As reported by Cointelegraph, the decision not to invest in crypto was taken after Ontario Teacher’s Pension Plan (OTPP), a platform which managed about $190 billion in assets, lost around $95 million investment in FTX, a crypto exchange platform, after it’s downfall in November 2022.
Sources revealed that Jo Taylor, chief executive, OTPP, commented in an interview with Financial Times that it can’t be a fair decision for the pension fund to get involved in another crypto investment. It is expected that the pension fund has the responsibility to provide pensions to over 330,000 school workers and teachers, Cointelegraph highlighted.
“We took our time and did a lot of due diligence on the business. It didn’t turn out the way we thought. We weren’t necessarily shown all the information we needed to know to make a balanced decision,” Jo Taylor, chief executive, OTPP, commented further.
(With insights from Cointelegraph)