Australia’s Rest Super to invest in Crypto for its 1.8M Members

Australian winning Industry Super fund is planning to invest in crypto on their members’ behalf, yet it’s still speculating about the volatile crypto market.
Australia’s Rest Super to invest in Crypto for its 1.8M Members

In Brief:

  • Rest Super is planning to enter the crypto market.
  • This will make it the first Australian pension fund to delve into crypto.
  • The pension fund is conducting thorough research before investing. 

Australia’s Rest Super retirement fund to invest in crypto for its 1.8 million members. This step could make Rest Super, the first Australian pension fund to indulge in crypto. Mostly its members are Millennials and Gen Z, who take great interest in crypto and other digital assets. Rest Super addressed its customers saying that it will invest in digital assets on their behalf. The pension fund further clarified that it is still researching the volatile market.

Andrew Lill, Rest Super CIO, in an annual general meeting on Tuesday said that it’s still an extremely volatile investment, any allocation that the fund will make would most probably be part of their diversified portfolio. 

Australian superannuation fund Rest Super has over $46.8 billion worth of assets under management. Superannuation is the equivalent of a 401k or Individual Retirement Account in the US and is mandatory for all employees. Until now, the pension fund has been skeptical and cautious about cryptocurrency.

Lill also mentioned that the fund aims to offer members exposure to crypto and blockchain technology. This will provide a “stable source of value” amid times like these when investors across the world are turning to crypto as a safeguard against fiat-based inflation.

A Rest Super’s spokesperson said in a statement that cryptocurrencies seem a way to diversify our members’ retirement savings. However, Rest Super will not be investing in the immediate future. The spokesperson further said that the pension fund is conducting comprehensive research into the asset class before making any decision. Also, there are security and regulatory aspects of investing in crypto. 

With the booming crypto market, there are many firms and tech giants who are planning to invest in digital assets. Last month, CBOE, a global market infrastructure, agreed that it is all set for a swift entry to the digital asset spot and derivatives market. The Rest’s decision to enter the crypto market may take time but it will definitely act as a push for others to explore the crypto space.  

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