Established in 1937, Houston Firefighters' Relief and Retirement Fund (HFRRF), has invested $25 million in bitcoin (EXANTE: Bitcoin) and ether (ETH). According to a press release, the fund purchased the cryptocurrencies with the help of the New York Digital Investment Group (NYDIG), a cryptocurrency asset manager.
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"This investment expresses our belief in the disruptive potential of distributed ledger technology for the development and democratization of value accumulation through disintermediation," said Ajit Singh, HFRRF's CIO.
NYDIG says the partnership with HFRRF will enable the plan to leverage full-stack platform on behalf of its benefactors. As of press time, HFRRF's benefactors include over 6,600 active and retired firefighters and survivors of firefighters. Previously, Wells Fargo, a multinational financial services company, in a cooperation with NYDIG and FS Investments registered a private bitcoin fund with the US Securities and Exchange Commission.
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