AMP Ltd., one of Australia’s leading superannuation and asset management companies, has attracted attention by investing in cryptocurrency products for the first time.
The company invested A$27 million ($17.2 million) in Bitcoin futures earlier this year.
AMP’s senior portfolio manager Steve Flegg said in a LinkedIn post that the investment had been carefully tested and was considered a risk-controlled position within the firm’s dynamic asset allocation program. However, the firm clarified that there were no plans to increase this small allocation to Bitcoin at this time.
AMP’s move is a notable move considering Australia’s generally reserved approach to cryptocurrencies. The company said the investment aims to recognize structural changes in the digital assets industry.
Superannuation funds in Australia are worth a combined A$4.1 trillion ($2.6 trillion), but they have generally stayed away from the crypto space due to the country’s cautious approach. Reserve Bank of Australia Governor Michele Bullock recently said Bitcoin had no place in the Australian economy.
Stay tuned.
