Why did Quebec's $303 billion pension fund write off Celsius Network?

Get new users downloading your project releases today! Quebec's $303 billion pension manager has written off its stake in bankrupt cryptocurrency lender Celsius Network, with its chief executive officer conceding the fund invested "too soon" in the sector.

Did Caisse de depot et placement write off a stake in Celsius Network?

The Caisse de Depot et Placement du Quebec pension fund has elected to write off its stake in bankrupt crypto lender Celsius Network, Caisse confirmed Wednesday. The Canadian fund invested US$150 million in Celsius in the fall of 2021. “Blockchain technology has the potential to disrupt several sectors of the traditional economy.

Why did the Caisse defend Celsius?

The Caisse initially defended Celsius when the company halted transactions on June 13. “Celsius is taking proactive action to uphold its obligations to its customers and has honoured its obligation to its customers to date,” spokesperson Kate Monfette said.

Did Caisse 'too soon' enter crypto?

Quebec-based Caisse said Wednesday it had acted "too soon" in entering the sector. The Caisse de Depot et Placement du Quebec pension fund has elected to write off its stake in bankrupt crypto lender Celsius Network, Caisse confirmed Wednesday. The Canadian fund invested US$150 million in Celsius in the fall of 2021.