Virginia County Fairfax has reportedly commenced the investment of a portion of a $35 million allotment into a crypto lending fund, under the management of international asset managers VanEck.

Specifically, the company reportedly revealed that an initial tranche of the investment commitment from Fairfax County has been sent over, which is allocating funds from two retirement networks into a wide array of cryptocurrency-centric investment channels.

Fairfax County had previously shared hints of its plan to be more involved in the decentralized finance (DeFi) yield farming sphere, as included in its progressive approach toward the cryptocurrency space.

 The county started to make investments of a small portion of holdings from its employees’ retirement system and the police officers’ retirement into different cryptocurrency firms and ventures from 2018 onwards.

With Fairfax maintains its diversification of its cryptocurrency investment strategy, the presence it has in the world of DeFi has officially started with its investment in VanEck’s New Finance Income Fund. The fund provides short-term lending arrangements with cryptocurrency companies, platforms and businesses.

Per VanEck website, the fund reportedly carries out the lending of fiat currency and stablecoins to borrowers across the crypto landscape. With accredited investors as primary targets, the fund offers high-yield income exposure to cryptocurrencies and will need $1 million initial investment. 

The investment manager reportedly boasts “a simplified approach that alleviates the operational burden of direct digital assets lending.”

Fairfax County has reportedly been amplifiying its financing into the sector in a gradual manner, committing funds to seven cryptocurrency-centric allocations. One of these allocations appears to generate capital from volatility in the market, with a hedge fund devoted towards leveraging yield farming, basis trading and exchange arbitrage opportunities.