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One of the biggest pension funds in South Korea, the Korean Teachers’ Credit Union (KTCU), is reportedly ready to invest in multiple Bitcoin exchange-traded funds (ETFs).
The public pension fund was set up to provide retirement benefits for the country’s education personnel.
According to a report from the Korea Economic Daily, the fund that was set up to secure retirement benefits for education personnel, confirmed the immediate interest in Bitcoin spot ETF’s, nevertheless the size of the investment is yet to be decided upon.
KTCU’s decision is a first-time flirt of a South Korean domestic pension fund allocating a part of its portfolio to cryptocurrency-related products. The fund is known to have more than $40.2 billion in assets.
One of the main reasons that the KCTU was drawn into Bitcoin, is the fact that cryptocurrency is gradually becoming a mainstream investment, the report noted. With this, a shift in perception of Bitcoin is taking place towards being a transparent and controllable investment.
The report also points to other pension funds around the globe that have recently dabbled into Bitcoin. For example, the Houston Firefighters’ Relief and Retirement Fund in the United Stated and Australia’s Queensland Investment Corporation.
KTCU’s decision is a strong confirmation of the positive attitude of South Korean regulators towards cryptocurrency, after years of looming crackdowns on crypto in the country.