The Ontario Teachers Pension Plan (OTPP), a $190 billion fund, has moved away from the crypto industry after losing $95 million in FTX.
OTTP, a Canadian-based teacher pension fund, has stopped investing $190 billion in assets in the crypto sector. Previously, OTTP had zeroed its $95 million investment in FTX. After this incident, the fund management’s perspective on cryptocurrencies changed.
After receiving feedback from its members after the reset in FTX, OTTP decided to move away from the crypto industry. Currently, OTTP evaluates its investments in real estate.
190 Billion Dollars of Fund Withdrawn from the Sector
Canada-based Ontario Teachers Pension Plan (OTPP) provides pensions to approximately 330,000 teachers and school staff with a $190 billion wealth fund. Evaluating the fund assets in investments through its members, OTTP has decided to move away from the crypto sector in the name of money losses in the FTX crisis.
“We’re still working on exactly what happened out there and you’ll be careful,” said OTPP CEO Jo Taylor, commenting on the matter. Taylor stated that they took such a decision in the light of the feedback from their members. The manager of the $190 billion asset said they would not be in a rush to invest in another cryptocurrency after the opinions of its members.
Stating that they were not sufficiently informed about the FTX processes, Taylor said, “It was not as we thought.” said. In addition, Taylor underlined that they learned a lesson after their crypto investments.
The OTTP fund continues to trade its assets in real estate, which it sees as a more cautious investment tool.
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