Canadian pension giant writes Celsius share and says that he was too early in crypto

Canada's second largest pension fund manager has written off his $ 150 million investment in the crypto loan platform Celsius Network and granted that it has "got on" in crypto.

Charles Emond, Managing Director of Caisse de Dépôt et Placement du Québec (CDPQ), said that his investment in Celsius marked the end of his advance into the digital-asset industry last October.

Celsius became one of the biggest names that was recorded by the strong slump in prices for digital assets in spring. In June ES icing customer withdrawals and applied for insolvency protection according to Chapter 11 in New York, a step that revealed a hole of $ 1.2 billion in the company's balance sheet.

CDPQ, the $ 304 billion investment company that manages pension plans and insurance programs in Quebec, said on Wednesday that the participation in Celsius was "from caution".

"For us it is clear that if we look at it all, even if the last chapter has not yet been written that we have entered an industry too early that was in transition, with a company that had to cope with extremely fast growth," Emond said.

The group's comments on Wednesday mark a sharp contrast to October when she said that her investment in Celsius was a sign of her "conviction" of blockchain technology.

The depreciation of the group's Celsius stocks-a small part of its overall portfolio-took place when the fund manager reported a decline in assets by 28 billion CAD (22 billion USD) in the six months to the end of June this year. CDPQ said that his portfolio was hit by a "rare and simultaneous" decline in both the stock and bond markets, which led to a loss of 7.9 percent in his portfolio.

"The first six months of the year were very challenging," said Emond, adding that his portfolio had still developed better than his benchmark, which had decreased by 10.5 percent.

For the first time since Celsius' slipping into bankruptcy, Emond said publicly: "Regardless of whether it is Celsius or another investment, it is unnecessary to mention that if we write it down, we are disappointed and not happy".

emond said that he was aware that there were challenges in relation to cryptoinvestment, but "maybe we underestimated the challenges".

he felt "great empathy" for Celsius investors and said that the fund manager reserves the right "our comments and explore our legal options" with regard to the situation.

When asked whether he regrets the investment in Celsius, Emond said: "As an investor, it is a constant and never -ending learning process. You learn and ensure that you do not repeat the error." He added that the company was "not losing a dollar lighter".

Emond refused to deal with the internal effects of the investment in detail. However, he added that "the teams will be accountable as always".

He also confirmed that CDPQ was not interested in further investments in Krypto, but said that the pension fund manager was still optimistic about the future of blockchain technology. "The clear answer would be.

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• What options do cryptocurrency offer?

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