One of South Korea’s largest pension funds, the Korea Teachers Credit Fund (KTCU), is planning to invest in various Bitcoin (BTC) 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 KTCU says that while it wants to invest in Bitcoin spot ETFs, the size of the investment is still yet to be determined.
The decision marks the first instance of a South Korean domestic pension fund allocating capital into cryptocurrency-related products. As of December 2020, the fund managed more than $40.2 billion in assets.
The report notes that the firm’s decision to invest in Bitcoin was based on the judgment that cryptocurrency is gradually becoming a mainstream investment.