- Caisse de dépôt et placement du Québec writes off investment in Celsius
- Emond express his disinterest investing in crypto
Caisse de dépôt et placement du Québec writes off Investment in Celsius.
Canadian Pension fund and institutional investor Caisse de dépôt et placement du Québec (CDPQ) has written off its investment in Celsius. The Quebec crypto institution lended approximately 150 Million USD to the lost crypto lender.
CDPQ manages 303 Million USD in assets equivalent to 392 Billion CAD. The Quebec based investor has provided a six month returns report, where it was clearly revealed that it made an average return of -7.9%.
But the question is why CDPQ had to write off its Celsius investment? Charles Emond, CEO at CDPQ said the decision to write off the investment at Celsius was a result of an extensive due conscientiousness. The decision involved crypto experts and financial consultants. Adding to this Emond said, “ the decision was out of prudence saying that the fund had “arrived too soon” while the cryptocurrency sector was in transition.”
CDPQ Not Interested in Crypto Investments
Caisse de dépôt et placement du Québec made an investment in Celsius last year in October in between a 400 Million USD investment round held by WestCap Group. Celsius has been battling hard since the fall of Terra LUNA. The company also informed saying the company may end up in bankruptcy in October.
In a recent interview, Emond said CDPQ is not interested in investing in crypto however, the pension fund manager was still slightly positive about the growth of blockchain technology.
Source: https://www.thecoinrepublic.com/2022/08/18/canadian-pension-fund-cdpq-writes-off-150-million-investment-in-celsius/